A New Future For Kashmir?
Amid a lot of ruckus encircling around J&K, here’s another piece of news that is breaking the internet. PM Narendra Modi might unveil investor summit in J&K in October. About Article 370, the Government is of the opinon that the change in J&K’s will lead to the encouragement of private sector investment in the new Union Territory.
As per official data, 10 percent of all central funds have gone to the state between 2000 and 2016, however private investments weren’t that impressive. Government officials are thinking that the change in adminstrative status is likely to have a positive impact on the ease of doing business, since it would provide for industry ownership, and also escalate hiring.
While the passing of the bill, the Union Government proposed the setting up of two Union Territories – Jammu and Kashmir, and Ladakh. While there would be a legislarure in J&K, there wouldn’t be any in Ladakh. The Union Government has also made the proposal that with the removal of social status, the Union territories would be inviting private investments, which will grow overtime. Amid all these, the Government is looking forward to host an investor’s summit in Jammu and Kashmir in October.
What the Summit Holds?
The plan for the investor summit is to play host to major industrial groups and also adopt concrete ideas for investing in sectors like hospitality, pharmaceuticals, agro processing, and healthcare. Despite the fact that there has been too much unrest in the country, it seems that the Central Government is aiming for commercialisation.
What Does This Hold for Startups?
Last year in 2018, J&K had introduced J&K Startup Policy 2018. As per the policy, startups would be provided a monthly allowance of $166.9 for a period of one year. Also, recognised startups would be receiving a one time assistance of $16.7K for product research and development. DPIIT also counted Jammu and Kashmir as one of the emerging states