Business and Economy in Jammu
Current Trade and Commerce Scenario in Jammu
The region also boasts of export earnings from sale of handicraft items and food products. The textile industry is flourishing due to its global reach in terms of the exports. Several European countries import dry fruits like almonds apricots and walnuts. There are also some agro and manufacturing industries that have been set up in the region for the production of plastics, textiles, cricket bats, walnut and kernels, chemicals apricot and nuts.
As this region is favoured by agro-climatic conditions, the horticulture and floriculture industry is also a huge flourishing industry and is the embankment of the rural economy, which provides employment to thousands of the locals. Both domestic and international markets are supplied flowers by the floriculture industry.
Also, a recent development is the decision of Canara Bank to expand its business in Jammu and Kashmir and will set up 38 more branches in the state, which in turn has opened up the door of employment opportunities for hundreds of youth in the state.
Infrastructure of Jammu
Investment Opportunities in Jammu
In addition, the booming sector of handicraft and handloom act as the resource of foreign exchange earnings for the economy. Therefore, it will not be wrong to conclude that more textile mills are a bright future prospect as the local people of this region are skilled weavers and designers of textile products. Furthermore the traditional skills of fine craftsmanship in Jammu can be leveraged to suit the needs of modern industrial processes, especially in the domains of electronic and precision engineering.
The city of Jammu also provides an incredible prospective for investment in the tourism sector due to its rich cultural heritage and scenic beauty. The snow clad mountains, quintessential lakes, wonderful flora and fauna, and pleasant weather are all favourable conditions for the tourism industry to flourish. Also, this place has a wealthy reserve of large mineral deposits and is well-connected to other parts of the country through efficient infrastructure facilities, which makes the operations of trade and commerce very smooth sailing.
Also, the government is taking necessary measures to encourage investors and to attract them to the region of Jammu by providing an industrial policy that offers striking incentives along with a single-window clearance mechanism. There are also provisions where land is allotted at concessional rates in industrial areas, on lease for 90 years. Conclusively, the asking price of setting up operations is relatively lesser than other states.
Hence, it is advantageous to plan for an investment in this region as it presents numerous business opportunities in the various sectors of the market, primarily, agriculture, handloom, handicrafts, etc. Therefore, off late Jammu has witnessed setting up of industrial units by both small and big business houses and corporate giants.