Jammu and Kashmir’s new industrial policy has proven itself to be a turning point in the history of the Himalayan region as it launched a “golden period” for industrial development in the Union territory with an outlay of Rs 28,400 crore.
It has been noted that several conglomerates across the country have invested in the UT after the abrogation of its special status (Article 370) on August 5, 2019, which also bifurcated the erstwhile state into two Union territories: Jammu and Kashmir and Ladakh. Despite the investors being keen to set up their ventures here, no outsider could purchase immovable property in Jammu and Kashmir as it was considered a “no-go area” under Article 370 of the India Constitution, which was a temporary provision.
Prominent conglomerates like the Lulu Group, Apollo, EMAAR, and Jindal are among the few business groups that have invested in the Union Territory in the recent past. Moreover, the J-K administration has signed several Memorandums of Understanding (MoUs) with Al Maya Group, MATU Investments LLC, GL Employment Brokerage LLC, Century Financial, and Noon E-Commerce, respectively.
So far, the UT has received proposals worth Rs 52,155 crore for investment in one year, and many more are coming, which would continue to benefit the people of J-K.
The people here are reaping the benefits as Prime Minister Narendra Modi took this bold move to end the 70-year-long status quo of the erstwhile princely state, which has now been opened to the world.
On August 5, 2019, PM Modi and Union Home Minister Amit Shah assured the people of the Himalayan region that a new dawn had broken, and both leaders have kept their promises by putting Jammu and Kashmir on the path of peace, prosperity, and development.