Investment Summit in Jammu & Kashmir Likely to be Postponed as Curbs May Hit Firms’ Operations, Say Sources

New Delhi: The much-touted Jammu and Kashmir investment summit, scheduled to be held in October, is likely to be postponed. Government sources told News18 that in light of the continued restrictions in the Valley, organisers have sought more time to prepare for the summit. “We have only one-and-a-half month left and the situation is still not normal. So organisers have decided to postpone the event,” a source said.

The Confederation of Indian Industry (CII) and JK Trade Promotion Organisation were supposed to jointly host the summit in Srinagar and Jammu. The event was meant to showcase the resources, raw materials and skills available in Kashmir. However, given the continued restrictions on movement, mobile phone operations and internet, the companies may find it difficult to operate in the region.

Industry sources said investor confidence can be boosted only when there is more semblance of normalcy. “Industry bodies need more time to ensure the event becomes as grand as was initially planned,” a source said.

Meanwhile, Governor Satyapal Malik indicated that it will take more time for communication facilities to be restored to pre-August 5 levels. “Internet is a handy tool for anti-national elements. Restoration of connections will be deferred for some more time,” Malik told reporters in Srinagar.

On August 5, as Union Home Minister Amit Shah introduced a resolution to end Jammu and Kashmir’s special status and bifurcate the state into two union territories, government sources had revealed grand plans to attract investment to the Valley through the investor summit. The summit was scheduled to be held in Srinagar on October 11 and 12 and in Jammu on October 14.

The CII had welcomed the government’s move. “We would like to see investment across sectors in Jammu and Kashmir. CII has stated to the government and the finance minister that it would support initiative for investment in the UT,” CII president-designate Uday Kotak had said after meeting Finance Minister Nirmala Sitharaman on August 9. The state administrative council under governor is likely to communicate a later date for the event.