J&K is a state which has been craving for corporateinvestment to address burgeoning unemployment scenario and transform economiclandscape. Even as Indian corporate Inc has always been promising to exploreinvestment opportunities in the state, particularly in Kashmir, we haven’t comeacross any such initiative. However, it was heartening to see Mahindra Powerol, one of the largest dieselgenerator manufacturing companies of the country and a part of one of India’s biggestbusiness conglomerates Mahindra Group, to launch a new Diesel Gensetmanufacturing plant in Kashmir at Rahim Engineering Works in Rangreth.
For the first time, we heard an Indian corporate initiatinginvestment in the valley with intentions beyond business. The Mahindra grouphas dished out its intentions to have presence of a factory locally whichensures large-scale employment for local youth. It was equally heartening whenthe corporate announced its corporate social responsibility (CSR) spending inthe Valley. The corporate magnate has donated funds to a local NGO to procuredialysis machines for rendering services to the poor patients.
J&K has always been seeking proactive engagement ofmajor corporate houses from across the country to channelize substantiveinvestment to the State. But the corporate Inc has always been avoidingengagement with the state and its people, which otherwise could have helped toput the State on a faster path of development and growth.
It’s a known fact that one of the major impediments to theoverall economic growth of our state has been step-motherly attitude of themajor corporate houses towards the development of the state. Interestingly, this India Inc contrary to itscore competencies is quick enough to be part of any political debate aroundKashmir, but always shamelessly turn its back whenever asked investment supportwithin their competencies in the state.
Precisely, socio-economic and to a large extent politicalscenario of the state would a different landscape to present than what thestate is confronted with at present. Some six years back the government ofIndia (GoI) bundled out top corporate bigwigs of the country including Ratan Tata, Chairman of the Tata Group ofCompanies, Kumara Manglam, Chairman of the Aditya Birla Group, Deepak Parekh,Chairman of HDFC and Team Lease co-founder Ashok Reddy to the valley. It was amove to attract investment from India Inc and create jobs for valley youth.
Corporate magnate Ratan Tata during his visit to the valleyin October 2012 is on record to state that not a window but a door for IndianInc to invest in Jammu and Kashmir is open. He raised high hopes when he saidIndia Inc is keen to invest in the state and play its role in the economicdevelopment of the state. But this proved only a statement and practically, thestate continued to receive a step motherly treatment from the Indian Inc. Thesecorporate bigwigs punctured the hope when they later listed peace in the valleyas pre-condition for investment.
Precisely, India Inc has developed a habit of visiting tothe valley to take stock of miseries which people here have been facing fordecades. They display caution and leave with a promise of a ‘helping hand’. Andthis ‘helping hand’ never sees light of the day.
Kashmir will remain a conflict zone till a permanentsolution is carved out. Here fortunes will continue to turn like a wheel.Sometimes there will be peace and prosperity at its full swing and sometimesthere will be turmoil. Of course investment here is loaded with huge risk. Butthis doesn’t mean Indian Inc has no role here. At least, investments apart,they can take up projects under their corporate social responsibility(CSR) banner to support the localsocio-economic sectors, like they do in other states in health, education andother key sectors.
I think the investment of Mahindra Group in Kashmir byestablishing a Diesel Genset factory here in Srinagar has brought J&K intothe focus of the Indian Inc. The state government should seize the opportunity,come out with a strategically designed awareness campaigns and launch it acrossthe Indian corporate world to motivate them to invest in the state. The government has the responsibility to comeclear on the conflicting situation and the laws governing the land. Whilewooing the corporates for investment in the state, politics has to be setaside.
Meanwhile, Mahindra Group deserves kudos for breaking theice and exhibiting ’embrace the conflict’ attitude by investing in Kashmir.It’s fervently hoped that other corporate magnates would also be falling inline to help the state in its endeavor to achieve peace and prosperity.
(The views are of the author and not that of the institutionhe works for)