Article 370 abrogation: Opportunities open up for trade and investment in J&K, Ladakh: FIEO Chief


The strong will and action of the BJP-led NDA Government under the dynamic leadership of Prime Minister Narendra Modi and Home Minister Amit Shah to scrap Article 370 has paved a new era of growth both for the people of Jammu and Kashmir and Ladakh region, Federation of Indian Export Organisations (FIEO) president, Sharad Kumar Saraf said on Wednesday.
Scrapping Article 370 will not only bring in huge trade and business opportunities for both the regions but will also help get the troubled region to stand on its feet, Mr Saraf said in a statement here.
The FIEO Chief said this bold step taken by the Government at the Centre would allow flow of investments into the state in sectors like tourism, real estate, carpets, handicrafts, sports goods, horticulture and food processing and will also help in promoting trade and commerce specially exports of these products and services from the region.
Jammu and Kashmir including Ladakh region are an area of strong potential for development as it enjoys a range of natural resources and immense talent, he said strong and dedicated efforts from the government, trade and industry including handholding of local businesses is the need of the hour today to further help to push its growth rate and create new jobs and livelihoods in the region.
This multiplier effect would increase the employment opportunities and contribute to India’s overall prosperity and growth and development of the country, he said.
Opportunities, which exists in the other key sectors also includes pharmaceuticals, IT/ITeS, electronics and leather and Shortcomings with regard to post-harvest food processing of apples, saffron, almond, walnut and other fruits and dry fruits, as well as the acute lack of health care and educational facilities in the state mainly due to lack of private sector participation will soon be overcome by this bold step taken by the Government, he said.
With this, FIEO also plans to provide handholding to cater to the needs of the exporting community of both the region of J&K and Ladakh, the FIEO President said.
Now with both Article 370 and 35A gone, J&K will be governed by the same rules as the rest of the country, which means any Indian citizen can buy property in the State, take up a job and most importantly, invest in industry and trade initiatives in the State and truly a historic decision as it opens the gateway for development and peace in Jammu and Kashmir, he added. (UNI)