Jammu and Kashmir is the largest producer of apples, walnuts, and cherries in India. It is also the largest producer of saffron, one of the most expensive spices in the world.
Jammu and Kashmir (J&K) is a Union Territory (UT) of India, located in the country’s northern part, and a global tourist destination. In addition to traditional recreational tourism, a vast scope exists for adventure, pilgrimage, spiritual, and health tourism.
The economy is primarily services based and agri-oriented. At current prices, the GSDP of J&K has been estimated at Rs. 2.31 trillion (US$ 27.95 billion) in 2023-24. The UT’s GSDP increased at a CAGR of 8.84% between 2018-19 and 2023-24.
A vast natural resource base has enabled J&K to develop land for cultivating major fruits. With varied agro-climatic conditions, the scope for horticulture is significantly high in J&K. Food processing and agro-based industries (excluding conventional grinding and extraction units) thrive in the UT. J&K has an ideal climate for floriculture and an enormous assortment of flora and fauna. J&K has Asia’s largest tulip garden.
J&K’s handicrafts are world famous and the traditional handicraft industry has emerged as a large industry. Due to its large employment base and export potential, the industry has been receiving priority attention of the government. The UT is also famous for its small-scale and cottage industries such as carpet weaving, silks, shawls, basketry, pottery, copper and silverware, papier-mâché, and walnut wood. The cottage handicrafts industry provides direct and gainful employment to around 340,000 artisans.
As of April 30, 2023, J&K had a total installed power-generation capacity of 3,516.07 MW, comprising 1,866.08 MW under central utilities, 1,543.17 MW (state utilities) and 106.82 MW (private utilities)
Total exports from J&K stood at US$ 89.77 million in FY 2022-23 (until August 2022).
The following are some of the major initiatives taken by the Government to promote Jammu & Kashmir as an investment destination:
Note: P - Provisional, T - Target, MT - Million Tonnes, * Including Ladakh Union Territory
Cabinet Committee on Economic Affairs approved the proposal of Department for Promotion of Industry and Internal Trade for Central Sector Scheme for Industrial Development of Jammu & Kashmir, for a total outlay of Rs. 28,400 crore (US$ 3.88 billion) upto 2037.