Gateway of opportunities opens up for trade and investment in J&K and Ladakh post revoking of Article 370: FIEO President

Ludhiana, August 7, 2019: The strong will and action of the 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 & Kashmir and Ladakh region.

This has been stated by FIEO President, Sharad Kumar Saraf in a statement today. He added 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 added Mr Saraf.

FIEO Chief said that 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. 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 said Sharad Kumar Saraf. This multiplier effect would increase the employment opportunities and contribute to India's overall prosperity and growth & development of the country.

FIEO President further adds that opportunities, which exists in the other key sectors also includes pharmaceuticals, IT/ITeS, electronics and leather. 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.

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.

Sharad Kumar Saraf further says that 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. Truly a historic decision as it opens the gateway for development and peace in Jammu and Kashmir.