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Indian Economy

J&K- First Investors’ Summit

  • 04 Jul 2019
  • 2 min read

The Government of J&K is organising the first ever investment summit in September-October 2019 in Jammu and Srinagar.

  • It is aimed to attract investment and counter perceptions about the State.
  • There is possibility of participation from at least eight countries besides the rest of India.
  • The tourism, horticulture and handicrafts are the strong sectors where good investment is expected.
  • The government is also focusing on power sector and manufacturing.
  • J&K ranks third in the number of people in government jobs due to a lack of other avenues.

Investors' Concerns

  • The image of the State as strife ridden has often come in the way of business and investment.
  • The laws governing ownership of land do not allow non-State subjects (who are not permanent residents of Jammu and Kashmir) to purchase land or immoveable property in the State.
    • However, the Land Grants Bill, passed by the government headed by late Shaikh Abdullah in 1978, allows the government to lease out land to outsiders for 99 years.
    • The State government can designate lands as industrial and offer long term leases, but a suggestion that land outside of industrial parks could be given out on lease has met with stiff resistance from various quarters of civil society.
  • Even a firm on leased land reduces its loan prospects because leased land cannot be mortgaged.
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