Facing sharp decline in the industrial production amid corona pandemic, the Kashmir entrepreneurs have urged the government to divert the funds allocated for organising Global Investor Summit – which by now seems to be an impossibility— towards revamping J&K’s beleaguered industrial sector.
Industry contributes 28 percent to J&K Gross Domestic Product.
“Apart from few industrial units which are into manufacturing of essential commodities, all other units in Kashmir are closed which means our industrial production is below 10 percent. It means huge losses for the local unit holders who were already suffering since August 2019,” said a senior industries and commerce department official.
While the officials of the department are tight-lipped, sources informed that in few days the decision on “deferment” of Global Investor Summit to be held in capital cities of J&K, will be announced by the government.
After abrogation of J&K’s special status, the government had given much hype to the Global Investor Summit stating that it would be a game changer for bringing outside investment to the industrially backward J&K.
However, the situation arising out of pandemic has shattered the investment sentiment across the country.
Federation Chamber of Industries Kashmir (FCIK) has urged the government to boost the local Investment.
Executive council member, FCIK, OveesQadir Jamie said “J&K government shall promote the local industries to boost the economy of the J&K.”
“As the country which is undergoing corona pandemic has itself seen drastic decline in the business and there are no positive signals for the growth, in this situation, it would be prudent on the part of the government to utilize funds earmarked for Global Investor Summit for the developing and promoting local industry,” he said
He said: “The central government has allotted Rs 50 crore for hosting the first ever Global Investors Summit-2020, which is scheduled to be held in both capital cities.”
“Since this is now difficult to hold the said summit, it would be better to utilise this amount for revamping the industrial sector in Kashmir,” said an entrepreneur.