The laying of foundation stone for an ambitious mega shopping mall and an IT tower in Srinagar by a UAE-based group boosts both foreign and domestic investment in Jammu Kashmir.
It has set the tone for new job opportunities, infrastructure upgrades, and the integration of the Union Territory into India's growth story. The projects were announced in conjunction with the India-UAE Investors' Meet. Nearly a year after CEOs from several Gulf countries visited the Valley to explore investment opportunities. These representatives from the real estate, hospitality, food processing, agriculture, and other sectors were invited to gain firsthand experience and alleviate their concerns about the state of law and order. The Lt Governor then promised them to create a favourable ecosystem for investors by allocating land within 15 days of the submission of any proposal and also a peaceful environment.
Within 22 months of implementing the new industrial policy, the Jammu and Kashmir administration claims it has received investment proposals from 5,000 domestic and foreign companies, with 45 units beginning operations last month. Pulwama is getting a steel processing plant. J&K has also received attention as a result of the significant discoveries in the Lithium in Reasi district of Jammu division. With the new discovery, India may have the world's third largest reserves of the prized metal. Fuelling economic growth could be the most transformative confidence-building measure in the troubled region, providing relief to unemployed youth and boosting development of the new Union Territory. The India-UAE Investors Meet was also a once-in-a-lifetime opportunity for open and candid discussions about issues and investment opportunities in J&K. The J&K Government has invited business leaders from the UAE and other countries to become partners in the development of J&K, with the administration promising every kind of assistance, facilitation, and support to the investors.
According to reports, constructive discussions were held on various sectors, including agriculture and allied sectors, hospitality, education, tourism, and other industry sectors that will explore and ground investment opportunities that will further strengthen our long-term partnership with the UAE and the rest of the Gulf countries.
It is worth noting that both foreign and Indian companies attending the Investment Summit expressed strong interest in launching projects related to residential schools, hotels, IT parks, ITES units, and hospitals. It was also decided to form a joint group to expedite the approval of proposals and ensure faster implementation.
Furthermore, J&K is undergoing a technological transformation. It has established two Innovation and Invention Centers, where well-trained faculty and IT professionals are preparing future knowledge workers who will be the driving force behind Industry, supplying much-needed human resources to the emerging market while Broadband 5G has already been made operational in the valley. As per the government claim, a record 1.8 crore tourists visited Jammu and Kashmir in a year, and there has been a significant reduction in all forms of violence, according to Union Home Minister Amit Shah, prompting questions about why the Assembly elections have been delayed. That is a decision for the Election Commission to make, and Shah has promised that elections will take place whenever they are ready. Is it not proper to hold elections at an early date, when the claims of peace and growth are simultaneously made?
