The Big Business Push

J&K wants more factories, jobs, business activities, and trade in order to contribute more to the Indian economy. But is it ready for business yet?

- Ashish Sinha

ADDRESSING THE nation from the ramparts of the Red Fort in Delhi on the occasion of India’s 73rd Independence Day, Prime Minister Narendra Modi called upon Indian businesses to invest in Jammu and Kashmir. Modi especially asked the film, tourism, and food processing and export industries to look at investing in Jammu and Kashmir. His government followed it up by scheduling an ‘investors’ summit’ in Srinagar from October 12 under the aegis of the Confederation of Indian Industry (CII). There is undoubtedly massive untapped or under-tapped business potential in the erstwhile state.

Evidently, the government is keen that J&K becomes an active contributor to the Indian economy as swiftly as possible. But the moot question is: Is J&K ready for business, especially in the backdrop of the abrogation of Article 370 rescinding the special status granted to it since 1948 and the mood in the valley over the manner in which the local people perceive the whole thing was done?

A massive troop build-up and cutting off of communication links ahead of the nullification of Article 370 and carving up of the Himalayan state into two new Union territories of Jammu and Kashmir and Ladakh have disrupted life in the valley, creating an atmosphere of uncertainty on the ground. There is no way of knowing when the region will be ready to expand the business, welcome new businesses and generate better opportunities for the large younger population.

Responding to Modi’s Independence Day call, large corporate houses have come out in support of the troubled state with their respective business plans. Reliance Industries Chairman Mukesh Ambani was among the first to promise investment in J&K. His company has announced setting up of a special task force for making an investment decision in the state.