J&K Signs MoU With Dubai; Real Estate Sector To Get Boost, Says Piyush Goyal
The MoU is signed for the development of sectors like real estate, industrial parks, logistics, medical college, and more
Amid target killings and a resultant return of migrant workers from Jammu Kashmir, the administration of the Union Territory (UT) signed a Memorandum of Understanding (MoU) with the Dubai government on Monday.
The MoU is signed for the development of various sectors, such as real estate development, industrial parks, IT towers, multipurpose towers, logistics, medical college, a super specialty hospital, and more, in the state.
"Government of Dubai and the Government of Jammu Kashmir have entered into an agreement, which will help the Union Territory to scale new height in Industrialization sustainable growth. Today is an important day for the developmental journey of the UT of Jammu Kashmir", said Lieutenant Governor Manoj Sinha, on Twitter.
Union Minister of Commerce & Industry Piyush Goyal also termed it as a significant step in transforming the country. “This MoU gives out a strong signal to the entire world that the way India is transforming into a global power, Jammu & Kashmir is having a significant role in that as well,” he said.
While speaking to the media at the Raj Bhavan in Srinagar, he said that on his recent visit to Dubai, King Sultan Ahmed had expressed his interest to visit India, especially Jammu and Kashmir, to invest in real estate business there.
"I invited him and now the results are clear. He said people from Dubai will now throng J&K and the UT will go a long way in Tourism and Real Estate business," he added.
DP World, a Dubai-based logistics company that has signed the MoU, said that Jammu Kashmir will be linked to all of India's ports network. It would facilitate the export of UT's products all over the world.
Investment And Security:
In August, the central government had announced that a new development policy for the region was crafted and a package of ₹28,400 crores was earmarked for the overall redevelopment of Jammu and Kashmir.
In April 2021, the government of Jammu & Kashmir had signed 456 MOUs with various firms for a potential investment worth Rs. 23,152 crore.
It is to be seen that how the center and the local administration realize this investment on the ground and ensure its safety amid a volatile security situation.
Targeted killings by the militants are posing a new challenge to the security forces in the erstwhile state. In October, the militants have killed 11 civilians including 5 non-locals till now. The latest such attack took place on Sunday in which 2 non-local laborers were killed and one got injured.
This has forced the government to beef up the security in the region. Still, migrant laborers have started returning home out of fear.
Agri-Based Economy:
Jammu Kashmir's economy is primarily services-based and agri-oriented. Agricultural exports include apples, cherries, corn, millet, oranges, peaches, pears, saffron, sorghum, vegetables, and wheat while manufactured exports include handicrafts, rugs, and shawls.
The Gross State Domestic Product (GSDP) of the UT increased at a compounded annual growth rate of 8.51% between 2015-16 and 2020-21 to reach ₹1.76 trillion.
In 2019, foreign and domestic tourist arrivals in the region stood at 57,920 and 16.16 million, respectively. But the tourism sector got a big jolt after the abrogation of Article 370 in August 2019 and later due to coronavirus induced lockdown.
