J&K to be developed as investment destination

Jammu and Kashmir (J&K) would soon have a redefined industrial policy that would provide a comprehensive plan for the development of industrial and trade sectors of the newly formed union territor. This was announced by J&K Lt. Governor G.C. Murmu, who heads the Administrative Council, which takes administrative and economic decisions of the state, after the Modi government abrogated Article 370 last year to remove its special status and brought it directly under central rule.

Informing a delegation of the J&K Economic Forum ( JKEF), an entity of several trade associations in Jammu, the LG said steps are being taken as part of a series of initiatives to promote J&K as an investment destination. Keeping this in mind, Murmu said, they are trying to streamline pashmina, handloom, handicrafts and other allied sectors, which are the backbone of the J&K economy.

Stating that J&K handicrafts are worldfamous and the traditional handicraft has emerged as a large industry, he said, due to large employment base and exports potential it was receiving priority attention.

He urged the stakeholders to help identify the trouble points and grey areas to the government take a holistic view to bolster the economy.

The government in August revoked the constitutional autonomy of J&K, India’s only Muslim-majority state, and split it into two union territories - Jammu and Kashmir with legislation and Ladakh without legislation. Earlier, the three regions were part of one state.