Srinagar: Quite opposite to what the government claims about outside investments since the abrogation of Article 370 last year, non-local investors have been showing much reluctance when it comes to investing in Jammu and Kashmir.
Since August 5 last year, according to a report by Deccan Herald, local investors have invested Rs 900 crore while there has been no investment from outsiders during the year.
Official figures reveal that local investors have shown particular interest in the industrial sector which has seen lockdown and uncertainty since August 2019 and made Rs 900 crore investment, while investments from outside are nil.
“Despite lockdown and uncertain situation since last August, it is an encouraging sign that local investors have invested Rs 900 crore in the industrial sector. However, outsider investors are reluctant to take any risk at the moment due to which no investment has been made so far,” a senior official of J&K Industries department was quoted having said by the report.
The official further said that so-far there is only hype in the media about outsiders investing in Kashmir. “But the reality is there has been no investment in the last one year and things look gloomy for coming months also.”
With inputs from Deccan Herald
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