After witnessing decades of violence, the Union Territory of Jammu and Kashmir witnessed huge changes in economic activities after the repeal of Section 370.
After the repeal of Section 370, Jammu and Kashmir came under 890 central laws while 250 unjust state laws were eliminated. 130 additional state laws have undergone changes.
The removal of some obstacles has led to an atmosphere conducive to business. Due to increased stability in the region, foreign companies are eyeing investment opportunities here.
Lulu Group, Apollo, EMAAR and Jindal are among the few business organizations that have investments in Jammu and Kashmir.
UT has signed five other MoUs with Al Maya Group, MATU Investments LLC, GL Employment Brokerage LLC, Century Financial and Noon E-commerce respectively.
In 2021, the Union Territory attracted investments of USD 2.5 billion, showcasing the region’s vast opportunities and business potential.
Even Prime Minister Narendra Modi has met with UAE delegates seeking business opportunities in Jammu and Kashmir.
The government of Jammu and Kashmir set up a five-person committee on June 23 to communicate with the minister of external affairs regarding the G20 meetings.
In order to promote new investments and bring industrial development to the bloc level, the J&K administration introduced a new industrial development program with an expenditure of Rs 28,400 crore in January last year.
READ ALSO : JK: Mega job fair; 1,200 young people enrolled by private companies
The new regulation, valid until 2037, also allowed larger investors to invest in the territory of the Union.