Zahid Manzoor
Entrepreneur climate is vastly improving in Jammu and Kashmir, the youth are going after new and profitable ventures and as a result, overall new startups are also growing out here.
The record investment by domestic and foreign investors is pouring in which would in the long run lead to massive employment in Jammu and Kashmir. Due to nonstop efforts of the Central and Union Territory Government Jammu and Kashmir is emerging as a top investment destination and
J&K is emerging as a vibrant, fastest growing, and most attractive investment destination, and renowned companies from across the country and abroad are looking forward to investing in the Union Territory.
In addition, J&K is emerging as a vibrant, fastest-growing, and most attractive investment destination, and renowned companies from across the country and abroad are looking forward to investing in the Union Territory. The expert pulse is that Article 370 was creating insecurity among people from trade and industry in terms of doing business here. Now it is a better situation.
Women are also taking new leaps in the world of entrepreneurship. Since the launch of the Udyam Registration portal in 2020, two lakh Micro, Small & Medium Enterprises (MSME) units have been registered in J&K. As many as 38000 MSMEs are run by women.
The record investment proposals are pouring in. In the last two years, Jammu Kashmir has received 5,372 investment proposals worth Rs 70000 crore. Proposals worth Rs 24,000 crore from more than 1,800 companies have been approved.
Paradise on Earth”, Kashmir now attracts many Indian tourists including NRIs from the Gulf region keen to visit it. Some Kashmiris living abroad and playing their part of the role to promote tourism and investments in their state amidst the improving situation since the abrogation of Article 370.
As a matter of fact, Jammu and Kashmir has emerged as the top performer among Union Territories and north-eastern states in the ranking of ‘states on support to start-up ecosystems.
The Jammu and Kashmir administration will soon announce a new amended startup policy that will facilitate at least 3000 startups in five years.
The new startup policy will take inputs from the policies of states like Karnataka, Gujarat, Uttar Pradesh, and Tamil Nadu to ensure that it will help to tackle the challenges and address the concerns of the market.
The startup data has also improved. The union territory of Jammu and Kashmir is witnessing a huge increase in the number of start-ups by the youth of the Kashmir Valley. The Jammu and Kashmir government says over 400 start-ups have been registered in the union territory in the last two years. e-commerce, horticulture, agriculture, the food industry, and crafts are some of the Major sectors in which these start-ups have been started.
In a recent big development, Startup Leadership Summit organized by the Jammu and Kashmir Entrepreneurship Development Institute (JKEDI) has brought forth groundbreaking opportunities for the region’s startup ecosystem.
The two-day event was attended by visionary entrepreneurs, industry experts, and investors and witnessed the selection of 5 promising startups for funding, 2 startups for scale-up support, and the enrollment of 12 startups into The India Network’s Accelerator Program.
Post abrogation 370 the local entrepreneur is also feeling full of joy. For local entrepreneurs, the abrogation of Article 370 brought about several positive changes. With the removal of the special autonomous status, it became easier for businesses to operate in the region, as they were no longer subject to some of the regulations that had previously hindered their growth. The government also introduced thousands of new initiatives aimed at promoting entrepreneurship and job creation in the area, which provided local entrepreneurs with more opportunities to succeed.
Jammu and Kashmir is seeing vast improvement in the investment climate and entrepreneur know-how post abrogation of article 370 and this is very good news for the economy of Kashmir.
