The economy of Jammu and Kashmir is witnessing a transformative phase driven by accelerated industrialization, which is crucial for creating employment opportunities in the region. Despite the challenges posed by inadequate infrastructure that limits the growth of large-scale industries, Micro, Small, and Medium Enterprises (MSMEs) are thriving, contributing significantly to local employment and economic stability. The region is endowed with a rich natural resource base, particularly in horticulture, which supports various industries, including handicrafts that are vital for both employment and exports.
Recently, the Kashmir Chamber of Commerce and Industry (KCCI) showcased Kashmir’s rich heritage at the India International Trade Fair (IITF) on November 24, 2024. Chief Minister Omar Abdullah visited the exhibition, which featured 22 specialized stalls, marking KCCI's largest participation in IITF aimed at revitalizing the handicrafts sector. KCCI President Javid Tenga discussed marketing challenges with the Chief Minister, proposing enhanced participation in national and international trade fairs. The showcased handicrafts included Pashmina shawls, Sozni embroidery, and Kashmir saffron, highlighting the region's artisanal strengths. The Chief Minister assured support for expanding the global presence of these products, emphasizing the need for consistent participation in trade events to strengthen international connections.
Currently, Jammu and Kashmir has 51 industrial estates, with more in development, indicating a commitment to enhancing the industrial landscape. The food processing sector in India, which plays a pivotal role in the economy, is projected to grow from US$ 866 billion in 2022 to US$ 1,274 billion by 2027. This sector contributed 10.54% to the Gross Value Added (GVA) in Manufacturing and 11.57% in Agriculture during the fiscal year 2020-21. Notably, India is a leading producer of various food items, including 25% of global milk production in 2022-23. However, the current levels of food processing remain low, highlighting significant growth potential in this area.
As the government continues to focus on industrial development, the combination of rich natural resources and a burgeoning MSME sector could position Jammu and Kashmir as a key player in India's economic landscape. The ongoing efforts to improve infrastructure and support for small enterprises are expected to further stimulate growth and employment in the region. [f7f5c897][fa75cc84]