Despite uncertainties, J&K to hold Global Investors Summit in May

Despite the challenges that Jammu and Kashmir (J&K) is facing post the removal of Article 370, the government is hopeful of successfully conducting a full fledged Global Investors Summit in the state in May this year. The summit will be divided between the locations of Jammu and Srinagar though the exact dates are yet to be announced. The J&K government kicked off the first road show for the summit in India from the IT city of Bengaluru besides the one at Kolkata. The J&K authorities would also be having road shows in other locations such as Mumbai, Hyderabad, Chennai, Ahmedabad to attract investors. 

The summit would primarily focus on 14 sectors such as film tourism, horticulture and post harvest management, agro and food processing, milk, poultry, fisheries and wool production, herbal and medicinal plants, agriculture and mulberry production for silk, health and pharmaceutical, manufacturing, IT and ITES, infrastructure and real estate, renewable energy and education and skill development. 

“6000 plus acres of ready land bank for industries is already available at competitive price for investors. We have also earmarked sector specific land bank across suitable locations in J&K, close to airports, highways and rail links. We also have one of the lowest industrial power tariff regime and a vibrant tourist ecosystem. We are the largest producer of Apple, Walnut, Cherry and Almond in India and we have three agro-climatic zones that enable cultivation of unique produce like Saffron, Berries, Figs and special variety of Basmati rice. At the same time we have a conducive climate for rich floriculture, “ remarked Rohit Kansal, Principal Secretary Planning Development and Monitoring, Jammu and Kashmir. 

Kansal also added that Kashmir produced one of the finest quality silks in the world and it is one of the oldest traditional cottage industries in the Union Territory. He explained that J&K had untapped potential to harness hydro power. 

Kansal informed that the UT had come up with many new policies to streamline industrial development to attract investment. The UT had announced different policies such as Film Policy 2020, Education Investment Policy, Real Estate Policy 2020 , Hydropower and Renewable Energy 2020, Wool Processing, Handloom and Handicraft Policy 2020, Healthcare and AYUSH Care Investment Policy 2020, Poultry Policy 2020, IT and ITES policy 2020 etc. 

In order to attract investments, the J&K authorities as per the new industrial policy are promising attractive tax exemptions, suitable land at concessional rates, barrier free movement, freight assistance, customised package for mega projects, stamp duty exemption, assistance in capital investment. 

“The overall situation has changed considerably post August 5th 2019 and things are looking better and better. Old laws have been repealed and J&K is coming on part with the nation and a new version of J&K - J&K 2.0 is all set to emerge. In the next fifteen days further restrictions will be eased. Investors will not have any inhibitions to invest in J&K. We are also coming up with two IT parks with plug and play facility and are also in the process of finalising our new industrial promotion policy,” said Kewal Kumar Sharma, Advisor to the Lieutenant Governor, of J&K while addressing the road show.