India plans to create a 6,000-acre military-business bubble to boost ‘development’ in Indian-administered Kashmir, a report said on Saturday.
India-appointed Lieutenant Governor Manoj Sinha said on Saturday that New Delhi is planning to attract investments worth up to $4 billion in the next two-three years and would provide security to businesses setting up shop in the insurgency-hit region.
Quoting Sinha, Reuters reported that his administration was identifying 6,000 acres (2,400 hectares) of land for businesses and that they would make companies feel secure.
“We have an annual budget of 1 trillion rupees ($13.68 billion) for the region and a good amount of that is being used for providing security for businesses,” the news agency quoted a Sinha saying to a group of journalists.
The administration was also working on organizing an investment summit thereafter a delay due to the Coronavirus pandemic, it said.
“We are in touch with all big business houses,” he was quoted further saying.
Kashmir is one of the least industrialised regions, with per capita income of 62,145 rupees in 2016/2017, lower than the national average of 82,229 rupees but higher than several other states, the Reuters report said.