Economy of Jammu and Kashmir | Know latest information

Economy of Jammu and Kashmir

With JKPSC KAS exam right around the corner on 31st July 2022 its important to know the latest information about the Economy of Jammu and Kashmir to answer the questions in the Economy section. We have provided some important Economic statistics of 1 year. This will not only help you for the Prelims and Mains, it will also help you in interviews.

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Jammu and Kashmir (J&K) is a Union Territory (UT) of India, located in the country’s northern part, and a global tourist destination. The economy is primarily services based and Agri-oriented.

• The Gross State Domestic Product (GSDP) in 2020-21 reached Rs. 1.76 trillion (US$ 24.28 billion).

• J&K’s NSDP reached Rs. 1.49 trillion (US$ 20.49 billion) in 2020-21.

• As of end of 2021, J&K had a total installed power generation capacity of 3482.11 MW

• In FY21, exports from J&K stood at US$ 159.64 million.

The following are some of the major initiatives taken by the Government to promote Jammu & Kashmir as an investment destination:

• 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.

• J&K has an industrial policy that offers attractive incentives along with a single-window clearance mechanism. Land is allotted at concessional rates in industrial areas on lease for 90 years.

• National Highway Infrastructure Development Corporation (NHIDCL) is developing five tunnels in the UT at a cost of US$ 3.42 million. The tunnels will have all weather access and will be completed by 2024.

• In 2019-20, total production of horticulture crops was expected to be 3,912.91 thousand metric tonnes and area under production was 400.25 thousand hectares. In 2019-20, the total production of vegetables and fruits was estimated at 1337.12 thousand metric tonnes and 2541.16 thousand metric tonnes, respectively.

• 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).

• In February 2021, Prime Minister Mr. Narendra Modi inaugurated the second Khelo India Winter Games in Gulmarg with the objective of making Jammu and Kashmir a hub for winter sports.

• Construction of Zozila Tunnel at J&K is scheduled to be conducted in September 2025. The tunnel will provide all-weather connectivity on NH-1 between Srinagar Valley and Leh (Ladakh Plateau) and will bring about an all-round Jammu & Kashmir economic and sociocultural integration (UTs of J&K and Ladakh). It involves building a 14.15-km long tunnel under the Zojila pass on NH-1, linking Srinagar and Leh via Dras & Kargil.

• About 150,000 metres of silk cloth is produced per annum in J&K. During FY20, 117 MT of raw silk was produced in the J&K and had a production target of 142 MT for FY21

• In 2019, foreign and domestic tourist arrivals stood at 57,920 and 16.16 million, respectively.

• 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.

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Jammu and Kashmir Exam Preparation

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