India Inc evinces interest in investing in Kashmir

The central government historic decision to revoke Article 370 and Article 35 A from Jammu Kashmir has paved way for major economic reform in the state.

From top Industry lobby Ficci, Assocham to many big business houses have shown interest to get there business and industry set up in J&K.

Sources close to the development said the government to make Jammu and Kashmir a favourite investment destination may come up with a Investor Summit in J&K in October-November.

The state department of industry and commerce has reached out to several corporates including ITC, Tata Group, Suzlon Energy, Mahindra Agrotech, Ultratech Cement and Raddison Hotels to participate in first investors summit.

The government, along with the industry body Confedration of Indian Industry, is planning to organise roadshow in foreign regions such as Middle East Asia, Gulf countries and Singapore to attract foreign investment in J&K. PM Modi along with other top government ministers and officials are likely to attend the investor summit, which would be the first for the state.

Veteran banker Uday Kotak has appealed to many businesshouses and various sector leaders for making investment in J&K and creating multiple job opportunities in the state.

While Ficci hopes that with stability and security returning to J&K, many industries/business will shift to the state, Assocham has shown interest in opening its office there.

Steelbird, one of the leading helmet producers, is also looking to set up a manufacturing unit in the state.

The Maharashtra tourism department is looking to explore tourist opportunities in J& K by developing a resort or hotel there.

The auto industry is hopeful that sales will pick up in the state in the coming years.