After witnessing decades of violence, the Union Territory of Jammu and Kashmir has witnessed tremendous changes in economic activities after the abrogation of Article 370.
After Article 370 was repealed, Jammu and Kashmir became subject to 890 central laws, while 250 unfair state legislations were eliminated. An additional 130 state legislations have undergone changes.
The elimination of certain hurdles has led to a conducive business atmosphere. Due to an increased stability in the region, foreign businesses are considering investment opportunities here.
The Lulu Group, Apollo, EMAAR, and Jindal are among the few commercial organizations that have investments in Jammu and Kashmir.
The UT has inked five more Memorandum of Understandings (MoUs) with Al Maya Group, MATU Investments LLC, GL Employment Brokerage LLC, Century Financial, and Noon E-commerce, respectively.
Even Prime Minister Narendra Modi met with delegates from the United Arab Emirates seeking business opportunities in Jammu and Kashmir.
The Jammu and Kashmir government established a five-person committee on June 23 to communicate with the Minister of External Affairs regarding the G20 meetings.
In order to promote fresh investment and bring industrial development to the block level, the J&K administration introduced a new industrial development scheme with an outlay of Rs 28,400 crore in January last year.
The new regulation, valid until 2037, also made it possible for more prominent investors to invest in the Union Territory.