Srinagar, May 10: Strongly advocating multinational investment in Jammu and Kashmir, JK Bank chairman Dr Haseeb Drabu suggested to the state government to approach the international private sector players for investment in the state.
Speaking at an interactive session organised by a think-tank REASON at SKICC here, Drabu described the private sector in the state as “pop-mom show” and said over the years
they have not tried to grow and have even failed to list their firms.
 Dr Drabu said one of the challenges in Jammu ands Kashmir is that there is hardly any flourishing private sector. He said at the national level private sector was apprehensive to invest in the state due to several reasons. He said in such circumstances international private sector should be involved to invest in the state. He described international private sector as the best route.
 However, he was not averse to the PPP model for seeking investment. Dr Drabu cited various reasons, which become hindrance in PPP. He said low public acceptance, governance risk, lack of independent regulatory mechanism makes the concept good in theory only. He however put forth various suggestions to overcome these hindrances.
 He called for proper understanding of the enabling legal environment. He said Article 370, and the legislations passed by the sate assembly on economic matters, land and labour must be explained to have proper understanding of the same. He said the PPP was good and asked for studying of development strategy adopted by the South East Asian Model.
 However, when Jora asked Dr Drabu why he was pessimistic about the PPP, Dr Drabu said, “I am cautious not pessimist.” He said the private sector in the past 60 years should have evolved but it has not.
 Ajay Saxena of the Asian Development Bank said there was need to go back to people to understand their perceptions. He said the JK has different situation and it is imperative to visit people to understand their perceptions.
 Dr U Koul of Fortis hospital laid stress on having PPP in health and education sectors. He said there was need of equitable distribution of resources in healthcare. He said there was no dearth of doctors in the state who want to go for super-specialization and then come back to serve the state.

Lastupdate on : Mon, 10 May 2010 21:30:00 Makkah time
Lastupdate on : Mon, 10 May 2010 18:30:00 GMT
Lastupdate on : Tue, 11 May 2010 00:00:00 IST