Centre kicks off process to attract private investment in JK

New Delhi, Oct 17: Centre has formally kicked off the process to attract the private investment in Jammu and Kashmir.

Union Finance Minister Nirmala Sitharaman said the details of government’s policy to attract more investments in Jammu and Kashmir would be available very soon.

 “We have started working in terms of making sure that the full potential of Jammu and Kashmir from various different aspects (is achieved)”, she said.

Sitharaman made the comments while responding to a question during an interactive session with investors at the IMF headquarters. The event was organized by the Federation of Indian Chambers of Commerce and Industry and US India Strategic and Partnership Forum.

The minister listed out the investment possibilities Jammu and Kashmir carries in different sectors like tourism, fine arts, handicrafts, wood work, carpets, silk, production of saffron and apple.

“I think sooner the details of it (new policy) will be available,” she said.

On August 5, Centre scrapped Jammu and Kashmir’s special status and bifurcated the state into two Union Territories — Jammu and Kashmir, and Ladakh.

In his address to the nation after revoking the special status, Prime Minister Narendra Modi said state companies as well as private companies will be encouraged to create jobs for the local youth in the region.

“So very many things are all being put together to see how best a plan can be done, “Sitharaman said.

Sooner, some kind of pattern would be worked out between the union home ministry and finance ministry and announced.

Work is on, she said, while responding to a question from a Dubai-based investor who is trying to mobilise funds to invest in Jammu and Kashmir.

“I want to know from your perspective, after the change in this state, is there any special consideration being given to a State that has historically missed out on global and international investments?” she was asked.

(Except for the headline, this story has not been edited by The Kashmir Monitor staff and is published from a syndicated feed.)