The UT has been integrated to facilitate investment in the region. With this the global investors can apply for their business approvals in online mode. With this, the union territory is being linked in to a big network of partnerships. These partnerships include both domestic and foreign companies. The integration will make Jammu and Kashmir more competitive.

Background

The reforms being introduced in Kashmir are bringing in more investments. In 2021 alone, Kashmir received Rs 70,000 crores of investment. The key driving factor for these investments is the Industrial Development Scheme. The scheme was announced in January 2021 with a total outlay of Rs 28,400 crores.

Current Scenario

Jammu and Kashmir is right now in a new stage of development. The central government is providing focused growth in dynamic sectors such as horticulture, real estate and tourism. The focus is mainly on increasing employment opportunities. This way, the energy of the youths can be diverted towards productive works. And their involvement towards terrorist and anti – governmental mishaps shall be reduced.

Nodal Agency

The Department of Industries and Commerce is the current nodal agency in implementing the industrial reforms in the union territory. The department will make sure the Jammu and Kashmir administration is complying to the Business Reform Action Plan, 2022 and Regulatory Compliance Burden, 2022.

What is National Single Window System?

It is a digital platform where the investors can identify and apply for approvals. It also provides advisory services. Also, the portal gives updated information about the approvals.