Jammu: Chief Minister Omar Abdullah has expressed optimism that the upcoming Union Budget will include a substantial industrial package for Jammu and Kashmir, aimed at boosting industrial development in the Union Territory.
Addressing a recent event, Abdullah highlighted that Jammu and Kashmir has not received a central industrial incentives package since 1990. He emphasized the importance of fostering a startup ecosystem, citing initiatives such as seed fund disbursements to startups, capital grants to incubators, and recognition of idea challenge winners.
The Chief Minister underscored that unemployment cannot be solely addressed through government jobs. “Creating a vibrant startup culture is both our obligation and necessity,” he stated, referencing recent incidents of harassment faced by Kashmiri shawl sellers in Himachal Pradesh and Uttarakhand, which he said underscores the need for local economic opportunities.
Abdullah assured that the government is committed to supporting existing industrial units, whether by helping them restart, assisting in setting up new businesses, or reclaiming land if they are unable to resume operations.
He also highlighted the importance of entrepreneurship, advocating for a mindset that views failures as learning opportunities, citing entrepreneurs like Elon Musk. The CM called for expanding seed capital provisions through the Entrepreneurship Development Institute (EDI), which was established to promote entrepreneurship culture.
Looking ahead, Abdullah stated that the government plans significant improvements over the next two to three years, including efforts to streamline the single-window clearance system to reduce bureaucratic hurdles and save entrepreneurs valuable time.
