The COVID-19 pandemic has cast dark shadow over J&K Global Investors Summit with officials saying that organisation of the summit will now depend on how quickly economies hit due to the pandemic will be able to recover.
J&K government was banking on the summit, which was to be held this month to lure investors to invest heavily in the region.
J&K government post abrogation of the erstwhile state’s special status and subsequent bifurcation of it into two Union Territories on 5 August 2019, had drafted new industrial policy which promised attractive tax exemptions, suitable land at concessional rates, barrier free movement, freight assistance, customised package for mega projects, stamp duty exemption, assistance in capital investment.
Commissioner Secretary Industries and Commerce Manoj Kumar Diwedi said: “This summit was for investors, involving investors from pan India and worldwide. They need some time to recover. And then only I think they will be in position to invest. So, therefore we will have to wait and watch the ground situation”.
He said: “And the moment we find that recovery is now happening and people would be interested now coming in to make investments, then we can organise it.”
“For now it (summit) is deferred. It’s (summit’s organisation) depends on the economic revival situation,” he added.
The J&K government had run a publicity campaign for the summit and conducted road shows in Bangalore, Kolkata, Mumbai, Hyderabad, Chennai, Ahmedabad to attract investors. Besides, land was also identified at various places across J&K including Ganderbal, Bandipora, Baramulla’s Sopore, Kupwara and Srinagar’s Khunmoh, said an official.