The state administration of Jammu & Kashmir has announced a 3-day Global Investors Summit which is going to be held in Srinagar in 12th October 2019. The event is focused on attracting Foreign Direct Investment in the state. This will be the first event in Jammu & Kashmir after the state became independent from Article 370 and probably the first in the history of the state as well.
The state of Jammu & Kashmir had been under dispute for almost 73 years now. Since the two neighbouring nations India & Pakistan got independence from the British rule in August 1947, there has been a severe dispute regarding the annexation of Jammu & Kashmir. Because of this dispute, the state’s economy has been severely affected over the years. Jammu & Kashmir is a natural heritage of India but because of the peculiar law system and other factors, the state could not flourish in terms of economy.
However, the recent decision of the Indian Government to repeal Article 370 from the Indian constitution, has given a lot of relief to the illegitimate laws of the state. J&K is now an undisputed part of India and hence, the government is now finally looking forward to the economic welfare of the state.
State’s Principal Secretary (Industries), Naveen Chaudhary believes that the event will yield the state government along with state’s businessmen & entrepreneurs to showcase their resources, abilities, and the multiple business opportunities lying in the beautiful valleys of Kashmir. Further, he thinks that this is an opportunity to eradicate fear and doubts in the minds of trade & business communities from other states about J&K’s business industry.
The state of J&K is currently under lockdown due to the severe possibilities of riots and mass aggressions which may erupt after the removal of Article 370, Mr Chaudhary is of the belief that the situation will improve in a month.
In this regard, he also said, “If I did not believe in it I would not have announced the dates,”
It is further reported that a Memorandum of Understanding (MoU) has been signed between J&K Trade Promotion Organisation (JKTPO) and the national partner of the event, Confederation of Indian Industries (CII). This MoU will suggest the management and organisation of the said event.
As believed by the organisers, it is believed that this event will act as an opportunity for the state’s business and trade community to develop contacts with the investors and entrepreneurs outside the state. Also, the investors and attendees will get an opportunity to learn about the state’s infrastructure, the resources, skilled & unskilled workforce and most importantly the government’s business-friendly policies.
The state of Jammu & Kashmir is going to become a union territory with effect from 31st October 2019. The state will be divided into two parts viz J&K, a union territory with legislation and Ladakh, a union territory without legislation. The bill in this regard has already passed in the Parliament with the assent of the President of India.