With the central government bringing constitutional changes in J&K, discussions are on about the likely business opportunities in the state.
With the central government bringing constitutional changes in J&K, discussions are on about the likely business opportunities in the state. The northern state holds immense potential as rating agency CARE Ratings has come up with a detailed report examining the socio-economic profile of the region. It also evaluated the various sectors and segments that hold potential. The possibilities in the fruits and textile related products could be leveraged further so as to boost the state’s economy, CARE Ratings said. It would also result in the spread of technology and create job opportunities, it added.
“Infrastructure growth would probably require joint effort of the public and private sectors as economic activity heightens and increases the demand for the same. Consumer oriented industries like automobiles and allied activities, retail and tourism are likely to benefit progressively as this process builds up,” it added. While healthcare holds potential, education and IT could grow in importance as conditions evolve in the services sector.
On 5 August 2019, President Ram Nath Kovind issued a constitutional order superseding the 1954 order, and making all the provisions of the Indian constitution applicable to J&K. Following the resolutions passed in both houses of the parliament, he issued a further order on 6 August declaring all the clauses of Article 370 except clause 1 to be inoperative.
In addition, the Jammu and Kashmir Reorganisation Act was passed by the parliament, enacting the division the state of Jammu and Kashmir into two union territories to be called Union Territory of Jammu and Kashmir and Union Territory of Ladakh. The reorganisation is scheduled to take place on 31 October 2019.