Srinagar Aug 1 IANS: The scrapping of Article 370 in J&K has ushered new era in economic development in the region and promoted a sense of participation among the local population.
The increase in investment and infrastructure has resulted in increase in the employment opportunities for the unemployed youth of J&K. The Union Government’s policy towards J&K is fully aligned with its vision of a new and modern India.
According to Niranjan Hiranandani, Senior Vice President of Assocham and National President of National Real Estate Development Council (NAREDCO), the scrapping of Article 370 has opened the floodgates for development-led economic growth in the J&K and Ladakh.
In the last two years, J&K has received 5,372 investment proposals worth Rs.70,000 crore of which proposals worth Rs. 24,000 crore from more than 1,800 companies have been approved.
After the introduction of J&K Industrial Policy 2021, investment worth Rs.1924.64 crore (Rs.376.76 crore in 2021-22 and Rs.1547.88 crore in 2022-23 - up to January 2023) has been initiated. The investment during the current financial year is the highest ever.
Under Prime Ministers Employment Generation Programme (PMEGP), an unprecedented 21,640 manufacturing and service units were established in 2021-22 in the region.
As many as 42 industrial estates will be set up in J&K in the next few years and out of these 34 industrial estates will focus on Micro, Small & Medium Enterprises (MSME). Already MSMEs exports from J&K have registered 54% growth in the financial year 2021-22.
MSMEs in service and manufacturing sector contribute to 8% of the total GDP of the UT. The Jammu and Kashmir Bank has provided credit of Rs.3,579 crore to 81,238 entrepreneurs in the last financial year, crossing the target of ensuring credit to 60,000 entrepreneurs.
The valley got its first foreign investment, with Dubai’s Emaar Group due to build a USD 60 million shopping and office complex. Scheduled to be completed in 2026, the developers expect the project to create 13,500 jobs.
According to Nikhil Nanda, Managing Director of Magna Buildtech, Emaar’s local development partner, money coming from an Islamic Gulf nation shows growing global confidence in J&K.
The implementation of various schemes like the ‘Jal Jeevan Mission’, ‘Har Ghar Nal Se Jal’ and other such developmental projects has increased the pace of development in the region. With the recent inauguration of 84 development projects by the Central Government in the Union Territory (UT), the region would see further development and increase in employment opportunities for the local youth.
After the scrapping of Article 370, the local population is seeing peace and prosperity return in their lives. From 2020 till 2022, there has been fall in law & order incidents to only 438 from 3,600 between August 2016 and 2019, while terror incidents fell to 617 from 930. The incidents of stone pelting, bandhs etc. are now non-existent.
The peace in the region has also brought out the UT’s true potential as a tourist destination. About record 1.88 crore tourists visited J&K in 2022. Of this, 26.73 lakh tourists visited Kashmir, the highest in three decades, benefiting boathouse owners, taxi operators, hotel owners, restaurant owners,transporters, etc. In the first two months of 2023, over 2.5 lakh tourists have already visited Kashmir.
The ensuing peace in the valley has further resulted in increased entertainment options for the local population. Baramulla and Handwara saw the return of cinema halls after 33 years. Cinema halls in Shopian and Pulwama were inaugurated last year, while a multiplex had come up in Srinagar.
With the scrapping of Article 370, non–residents of the valley have now equal rights for starting enterprises in the region and get legal possession of immovable assets like land and building. It gavefillip to the economic activities in the region, boosting morale for private sector investment. The revival of the tourism sector has also provided impetus to other businesses like handicraft dealers, wood carving and papier-mâché dealers.
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