1. Industrialization of the State
2. Entrepreneurship development
3. Imparting skill based technical education to the youth
4. Orientation of youth towards self-employment
5. Incentives, huge loans and subsidies to potential investors
6. Luring national and international investors towards the state
7. Development of infrastructure for industrialization
8. Augmention of necessary facilities like power supply, transportation and financial support.
9. Facilities for necessary training and marketing of manufacturing goods.
10.Identification of viable commercial activities and making raw material available.
Some of the investment opportunities as identified by the J&K State Industrial Development Corporation (SIDCO) are as under:
- Food Processing
Agro based industries
Electronics and precision engineering
Handloom and handicrafts
Sericulture and silk industry
Textiles and readymade garments
Live stock based industry
Leather and leather goods
Sports goods industry
Processing of gems and Precious Stones
Selective mining projects and mineral based industry
Green House (Ladakh)
FICCI has also noted that the Handicrafts & Handloom sector has already proved its worth by its vast employment and revenue generating potential in the State. The sector does not consume scarce resources, nor does it cause pollution and is environment friendly. The investment opportunities, in this sector include setting up of spinning mills to spin bulk quantity of good quality yarn, setting up of dyeing, calendaring and finishing facilities for woolens, and marketing of haute couture items like pashmina shawls and accessories. FICCI has suggested a five-fold approach for this sector: These include improvement in the productivity of weavers through enhancement of skills, introduction of more efficient looms & other related equipment, widening of market access of the handloom products produced in the state through effective marketing, focussing on product diversification and new designs, development of a cluster approach for design development, market assistance & production processes and focusing on brand promotion of the Kashmir handicrafts, product development and holding of exhibitions in international market.
In the field of Tourism, FICCI has stated that J&K was endowed with natural beauty of snow-clad mountains, lakes, streams and rare flora & fauna. While the Hindu shrines in Jammu, the Sufi shrines in Kashmir and the Buddhist monasteries in Ladakh make J&K ideal for Pilgrim Tourism, the State offers other attractions such as adventure tourism, ski tourism, golf tourism, and eco tourism. FICCI has suggested the following:
1. Declare Srinagar airport as an international airport and make it a charter destination
2. Some of the unexplored tourist destinations like Wardwan Valley in Kishtwar, Zanskar Valley, Pangong / Tsomoriri Lakes, Nubra Valley, Gurez, Telel, Bungas can be exploited fully by using feeder air services or even helicopters
3. Gondolas / Cable cars & other Ropeway systems in different tourist areas should be developed as already done in Gulmarg
4. The Patnitop complex needs to be upgarded & refurbished given the large tourist inflows it attracts from the neigbouring states
In Information Technology, FICCI notes that the State has acquired skills in various fields, most prominently in the IT & Engineering sectors. It has over 10,000 highly trained and skilled professionals available for employment, a Software Technology park has already been developed in Srinagar with Central assistance, having adequate bandwidth & connectivity and an Electronic Industrial Estate has been set up at Rajbagh in Srinagar. FICCI’s suggestions in IT include:
1. The talent pool present in the state needs to be groomed – Establish a technical university on the lines of Indian Institute of Information technology (IIIT)
2. Encourage local youth to set up their own units by the provision of soft loans by J&K bank, SIDCO etc
3. Ensure uninterrupted supply of power to the IT units
4. To give a boost to the sector IT can be used in new areas like banking, e-commerce, e-governance etc
5.To attract potential investors like the NRIs, government should open websites giving information about the investment opportunities in the state, tax concessions & various incentives offered, potential markets etc.
In Biotechnology, the chamber notes that J&K was a repository of herbal plants, medicinal plants & genetic materials from high altitude herbs holds immense potential for biotechnology sector and some infrastructure in the state is already present for carrying out R&D, for example, the Agriculture University of Jammu & Kashmir, regional research laboratory & the field research laboratory, Leh. The State also possesses rich reserves of resources such as fruits, medicinal & aromatic plants, forest produce, ornamental plants, livestock etc. To attract investment, in this vital sector, FICCI suggests encouragement to private research initiatives in hybridization, micro-propagation, tissue culture and other biotechnological applications in horticulture to introduce plants which have a short gestation period, development of infrastructure for biotechnology research, promotion of Ladakh region since it provides excellent soil & climate for seed production, and encouragement to the use of biotechnology to introduce new and improved cattle breeds.