Representative picture of Kashmiri girls wearing traditional dresses while performing to a song in Srinagar.
Credit: Reuters Photo
Srinagar: In the wake of the Article 370 revocation in Jammu and Kashmir, the region has witnessed an unprecedented economic transformation with Gross State Domestic Production (GSDP) doubling within a period of four years.
The removal of special status paved the way for increased investment, infrastructure development and business opportunities. According to official figures, the GSDP has doubled to over Rs 2.25 lakh crore, which was Rs 1 lakh crore before the abrogation of Article 370 in August 2019.
GSDP is an important indicator to measure the growth of different sectors of the economy and socio-economic development. This reflects a thriving economy and improved living standards for its residents. GDP is the total monetary or market value of all the finished goods and services produced within the borders of a state or country in a specific time period.
While replying to debate on J&K Reservation (Amendment) Bill, 2023 and J&K Reorganization (Amendment) Bill, 2023 in the Parliament on December 6, Union Home Minister Amit Shah said, “Before the abrogation of Article 370, the GSDP was Rs 1 lakh crore, which has doubled in just four years to Rs 2,27,927 Cr today.”
“After the removal of Article 370, terrorism reduced in Kashmir due to which a good atmosphere has been created there and huge development is taking place there,” he said.
According to the Economic Survey 2022-23 of the Union Territory, J&K’s GSDP is likely to double in the next five years with an emphasis on industries, agriculture, horticulture, tourism and the service sectors.
“The economy of Jammu and Kashmir grew faster than the national average in recent years," said the report released earlier this year. World class national highways, expressways, tunnels, bridges, flyovers, ring roads are coming up, while Jammu and Kashmir's rail link is expected to be connected to the national network during 2023 and airports are also being upgraded, according to the report.
As J&K is an agrarian economy with more than half the workforce engaged in agricultural activities, the government is making every effort to turn the sector around by making investments in various vital areas, based on the recommendations of the Dr Mangla Rai Committee, which will double the contribution to GSDP resulting in doubling the farmers income, the report adds.