Paradise regained: J&K puts in elbow grease to get Srinagar ready for G20

Jammu & Kashmir (J&K) has received a record investment of Rs 1,547.87 crore in the current fiscal year (until January). According to data presented this month in the Lok Sabha by the Ministry of Home Affairs, this is the highest ever compared to the earlier fiscal years.

This follows the Union Territory’s first Gulf Investment Summit in Srinagar in March 2022. The administration said the objective was to “bring together investors, decision-makers, senior government officials, and local business community for a dialogue on concrete investment opportunities in the state”.

On that occasion, Lieutenant Governor Manoj Sinha said he hoped to increase investment in J&K to more than Rs 70,000 crore in the next six months, generating employment for 600,000 to 700,000 people.

Although his hopes have not materialized yet, the government is confident investments will increase in the next five years in sectors across the board - from manufacturing to services.

The government notified a new policy for the industrial development of the region in 2021. The administration proposes to host another investment summit, followed by the icing on the cake: a Group of Twenty meeting in May in Srinagar.

The city is rolling up its sleeves for the meeting to celebrate a “moment of pride”, by repairing major roads and drainage systems as part of the city’s beautification drive.