Last updated on Aug, 6 2021
JAMMU AND KASHMIR Union Territory Report | June, 2021
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 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.
The Gross State Domestic Product (GSDP) increased at a CAGR (in Rs.) of 8.51% between 2015-16 and 2020-21 to reach Rs. 1.76 trillion (US$ 24.28 billion).
As of April 2021, J&K* had a total installed power generation capacity of 3482.11 MW, comprising 1866.08 MW under central utilities, 1535.98 MW (UT utilities) and 80.05 MW (private utilities).
The J&K government has an industrial policy that offers attractive incentives along with a single-window clearance mechanism. On October 27, 2020, the Indian government approved Jammu and Kashmir of new land laws to allow land to be transferred for the benefit of an individual or institution for promotion of healthcare or senior secondary or higher or specialised education. In January 2021, the Cabinet Committee of Economic Affairs (CCEA) approved a new scheme for the industrial development for the UT of Jammu and Kashmir with a total outlay of Rs. 28,400 crore (US$ 3,918 million) up to 2037.
In April 2021, the government of Jammu & Kashmir signed 456 memoranda of understanding (MOUs) with various firms for a potential investment worth Rs. 23,152 crore (US$ 3.17 billion).
According to the Department for Promotion of Industry and Internal Trade (DPIIT), cumulative FDI inflow in J&K was valued at US$ 0.21 million between October 2019 and March 2021.
Total export from J&K stood at US$ 188.18 million in 2019-20. In FY21, exports from J&K stood at US$ 159.64 million.
Note: P - Provisional, ** - As per 3rd Advance Estimates, * - Includes Fruits, Vegetables, Spices, Honey, Plantation, Aromatic and Flowers, #- Including Ladakh Union Territory