The Mumbai-based industry lobby group’s statement came a day after the Union government announced the revocation of Article 370 which gave special powers to the residents of the state of J&K. The government has also tabled a bill to bifurcate J&K into two Union Territories — Jammu and Kashmir with a legislature similar to Delhi or Puducherry, and Ladakh without one like Chandigarh. With this move, it will now be possible for people and companies to buy property in J&K.
In a statement, CII president designate, Uday Kotak said J&K is an area of strong potential for development as it enjoys a range of natural resources and immense talent.
“The region’s per capita NSDP (net state domestic product) at ?63,995 stands at about 55% of the national average, and agriculture accounts for 80% of the output. Strong efforts from the government and industry, including local businesses, are necessary to raise its growth rate and create new opportunities for employment and livelihoods,” he said.
CII said the government’s decision will help to strengthen micro and small enterprises, improve access to finance, and elevate education and skill development.