Details of investment in J&K would be available very soon: Nirmala

Finance minister Nirmala Sitharaman said the details of new policy to attract more investors in Jammu and Kashmir will be available soon. Photo: PTI File.

Finance Minister Nirmala Sitharaman has assured that the Centre would soon share details of its policy to attract more investments in Jammu and Kashmir, while listing out the potential the valley carries for investors in sectors like tourism, handicrafts, silk, production of saffron and apple.

Sitharaman made the comments while responding to a question during an interactive session with investors at the IMF headquarters here on Wednesday (October 16, Washington time). The event was organised by the Federation of Indian Chambers of Commerce and Industry and US India Strategic and Partnership Forum.

“We have started working in terms of making sure that the full potential of Jammu and Kashmir from various different aspects (is achieved),” she said. The minister listed out the investment possibilities Jammu and Kashmir carries in different sectors like tourism, fine arts, handicrafts, wood work, carpets, silk, production of saffron and apple.

“I think the details of it (new policy) will be available soon,” she said.

India, on August 5 scrapped Jammu and Kashmir’s special status and bifurcated it into two Union Territories — Jammu and Kashmir and Ladakh.

In his address to the nation after revoking the special status given to Jammu and Kashmir, Prime Minister Narendra Modi said state companies, as well as private companies, will be encouraged to create jobs for the local youth in the region.

“India is one of the fastest growing economies today. It has the best manpower and the government that is continuously doing what is required in the name of reforms, above all democracy and rule of law,” Nirmala Sitharaman explained when asked why India is the ideal destination for investment.

“So many things are all being put together to see how best a plan can be done. Sooner, Some kind of pattern would be worked out between the union home ministry and finance ministry, which will be announced,” Sitharaman said.

Work is on, she said, while responding to a question from a Dubai-based investor who is trying to mobilise funds to invest in Jammu and Kashmir.

“I want to know from your perspective, after the change in this state, is there any special consideration being given to a State that has historically missed out on global and international investments? she was asked.

(With inputs from agencies)