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, vast scope exists for adventure, pilgrimage, spiritual, and health tourism. The natural beauty and picturesque locations have made it a favoured destination for tourists across the world. Jammu is famous for its temples, while Kashmir Valley is known for its lakes and gardens.
J&K has agro-climatic conditions best suited for horticulture and floriculture. Horticulture is the mainstay of the rural economy, providing employment to large number of local inhabitants.
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.
The J&K government has an industrial policy that offers attractive incentives along with a single-window clearance mechanism. In April 2021, the government of Jammu & Kashmir signed 456 memorandum of understanding (MOUs) with various firms for a potential investment worth Rs. 23,152 crore (US$ 3.17 billion). In March 2022, the UAE pledged to invest Rs. 3,000 crore (US$ 391.8 million) in J&K.
According to the Department for Promotion of Industry and Internal Trade (DPIIT), cumulative FDI inflow in J&K was valued at US$ 1.07 million between October 2019-March 2023.
Total exports from J&K stood at US$ 89.77 million in 2022-23 (until August 2022).
Note: P - Provisional, ** - As per 3rd Advance Estimates, * - Includes Fruits, Vegetables, Spices, Honey, Plantation, Aromatic and Flowers, #- 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.