The Union Territory of Jammu and Kashmir is the new investment ground for a lot of companies. After Reliance Industries Limited and Tata Sons reportedly expressed their interest in investing in J&K shortly after the abrogation of Article 370, other major corporates are also taking interest in the state.
According to Deccan Herald, the industries department team from J&K held a roadshow in Bengaluru, where the state officials met with various corporate leaders to secure investment deals for J&K. The report suggests the largest carmaker Toyota Motors and tech giant Oracle have shown keen interest in J&K and expressed plans to invest in the state.
Toyota Kirloskar Motor vice-chairman, Vikram Kirloskar along with his team from Toyota Motors reportedly met KK Sharma, advisor to J&K governor and Rohit Kansal, Principal Secretary, Planning, J&K, to invest in skill development across the state. The officials also met executives from Oracle, which also showed interest to invest in J&K, sources familiar with the matter told DH.
International Business Times reached out to Kansal for a comment on the matter, but the official was not available at the time of this writing. We will update the story when we get an official comment from Kansal or other state execs on this matter.
Investments in J&K
During the Bengaluru roadshow on Monday, the state government signed 13 Memoranda of Understanding (MoUs) worth Rs 670 crore. The report also highlights that the state officials received a proposal for a technology innovation centre in J&K, attracting an investment of Rs 175 crore.
J&K signed 13 Memoranda of Understanding (MoUs) worth Rs 670 crore
Separately, J&K is preparing the UT to make it suitable for investors seriously consider investing in the region. The state administration along with the central government will spend Rs 2,000 crore to upgrade infrastructure and create better facilities for tourists. But the big plan goes beyond tourism, which has long been the bread and butter for the former northern state of India.
Kansal highlighted various 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, to attract investment in the union territory, The Week reported.
Kashmir produces one of the finest quality silks in the world, it is the largest producer of Apple, Walnut, Cherry and Almond in India. Additionally, its climate is suitable for production of Saffron, Berries, Figs and special variety of Basmati rice, Kansal noted.
To make J&K an attractive investment site, the state administration has a new industrial policy to offer attractive tax exemptions, suitable land at concessional rates, barrier-free movements, fright assistance, stamp duty exemption, and capital investment assistance.
J&K Global Investors Summit 2020
The three-day Global Investors' Summit 2020 will be held in Srinagar and Jammu in May this year. Leading up to the big event, the state government is seen organising roadshows across major cities in India to start a dialogue with potential investors.
Global Investors' Summit 2020 will be held in Srinagar and Jammu in May this year
The roadshow that started with Bengaluru will cover other cities like Mumbai, Hyderabad, Chennai, and Ahmedabad in February and March. The main event is hosted to showcase investment opportunities that will boost manufacturing and employment in the strife-hit region.