Jammu & Kashmir sees lowest FDI in India despite big investment push post Article 370 abrogation
Srinagar: Despite an ambitious policy launched in 2022 to attract foreign investment to Jammu and Kashmir, the state has recorded the lowest foreign direct investment (FDI) inflows in India over the past five years, according to official data.
The Centre’s aggressive push to rebrand Jammu and Kashmir as a new economic frontier after the abrogation of Article 370 in August 2019 has not yielded significant results, with foreign investors largely staying away. According to data tabled in the Rajya Sabha earlier this year, as cited by Deccan Herald on Monday, Jammu and Kashmir attracted only Rs 10.52 crore in FDI equity inflows since 2020, marking the lowest figure among all states and Union Territories.
In comparison, India's cumulative FDI equity inflow during the same period was Rs 21.62 lakh crore, reflecting the lack of foreign investor interest in the region.
Failed promises and stagnant progress
The disappointing figures stand in sharp contrast to the government’s upbeat narrative following the Article 370 abrogation, when it positioned Jammu and Kashmir as a major investment destination. The government had promised to transform the region, which had been grappling with conflict, into an "industrial and tourism hub" through a series of policy reforms, global investor summits, and new land-use rules to facilitate industrial growth.
The J&K administration unveiled an Industrial Policy with a target of attracting Rs 70,000 crore in investments and creating five lakh jobs in January 2022. However, nearly three years later, little has materialised on the ground. Many of the proposed projects are still at the memorandum-of-understanding (MoU) stage, with no visible progress in terms of infrastructure development or manufacturing units, added the report.
The promised industrial estates in Kathua, Samba, and Pulwama remain largely on paper, while land allotments to private players have faced bureaucratic delays and public opposition in certain areas.
Challenges in attracting investment
Officials and analysts point to several factors contributing to the poor response from investors, including persistent security concerns, bureaucratic hurdles, fragile connectivity, and a lack of a large local market.
“Investors look for stability and predictability, both of which remain in short supply in J&K despite the official claims of normalcy,” DH quoted an economist at Kashmir University as saying.
While the government continues to assert that "investment proposals worth thousands of crores are in the pipeline," the latest FDI data underscores a significant gap between policy intent and investor confidence.
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Allen, Raghuvanshi, Green power KKR to 29-run win over GT
Kolkata (PTI): Finn Allen blasted a 35-ball 93, while Angkrish Raghuvanshi hit an unbeaten 44-ball 82 as Kolkata Knight Riders kept their playoff hopes alive with a 29-run win over Gujarat Titans in the IPL match here on Saturday.
Sent in to bat, Allen went on a six-hitting spree, smashing 10 maximums and four boundaries to add 95 off 41 balls with Raghuvanshi (82).
Raghuvanshi then shared another 108 off 53 balls with Cameron Green (52 not out) to power KKR to a challenging 247 for 2.
In reply, GT could manage 218-4, riding on skipper Shubman Gill's 49-ball 85 and a 35-ball 57 from Jos Buttler. Opener Sai Sudarsan was retired hurt but returned to make a 28-ball 53 not out.
Sunil Narine (2/29) claimed two wickets and Saurabh Dubey snapped one for KKR.
For GT, Mohammed Siraj (1/50), Sai Kishore (1/38) were the wicket-takers.
Brief Score:
KKR: 247 for 2 in 20 overs (Finn Allen 93, Angkrish Raghuvanshi 82 not out, Camero Green 52 not out; Mohammed Siraj 1/50).
GT: 218 for 4 in 20 overs (Shubman Gill 85, Sunil Narine 2/29).
