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.
