A Fourth Estate® Service

Thursday, January 28, 2021

India Approves $4 Billion Program to Boost Business Investments in Jammu and Kashmir

The Indian government has approved a 284 billion rupees ($3.8 billion) program that aims to provide security to businesses that intend to establish shops and branches in the country’s violence-hit territory of Jammu and Kashmir.

The Indian government has approved a 284 billion rupees ($3.8 billion) program that aims to provide security to businesses that intend to establish shops and branches in the country’s violence-hit territory of Jammu and Kashmir.

According to a statement released by the government on Thursday, the main purpose of the program is to increase the number of job opportunities in the federally-controlled region by encouraging new investments from various businesses.

The initiative is expected to be implemented through the year 2037.

In the statement, India’s Press Information Bureau said the program also aims to nurture “the existing industries in J&K by providing them working capital support at the rate of 5% for 5 years.”

Jammu and Kashmir have been functioning as two separate federally-administered territories after Indian Prime Minister Narendra Modi took the initiative to end the seven decades of autonomy in the insurgency-hit region, aiming to bring about “a new era” of socio-economic development and opportunities.

The restive region has been suffering from poor infrastructure.

Due to the rampant violence in Jammu and Kashmir, the number of tourists visiting the place also remained low, causing only a few investment opportunities and slow industrial growth.

With the new program that has been approved in the meeting of the Cabinet Committee on Economic Affairs, which was chaired by Modi, the government aims to give the region “a fresh thrust with emphasis on job creation, skill development and sustainable development by attracting new investment and nurturing the existing ones.”

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