Nirmala Sitharaman says govt will give details on its policy for investing in J&K soon

Finance Minister Sitharaman, who is at the IMF's headquarters, said investment possibilities in Jammu and Kashmir will likely be in sectors like tourism, handicrafts, silk, and saffron production.

Nirmala Sitharaman speaks on 'Indian Economy: Challenges and Prospects' at Columbia University in New York | PTI

Washington: The details of the government’s policy to attract more investments in Jammu and Kashmir would be available very soon, Finance Minister Nirmala Sitharaman said, listing out the potential the area 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. The event was organized 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 sooner the details of it (new policy) will be available, 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.

So very many things are all being put together to see how best a plan can be done, Sitharaman said.

Sooner, some kind of pattern would be worked out between the union home ministry and finance ministry and announced.

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.