Private sector’s partnership with Govt essential for J&K’s economic growth: Jitendra Singh

Srinagar, Aug 25: Union Minister Jitendra Singh on Sunday urged the Indian Chamber of Commerce (ICC) to play an active role in fostering private sector participation in J&K, stressing that the Union Territory holds immense potential to drive India’s economic growth.

Speaking at the ICC Centenary Retreat in Srinagar, Singh said the Modi government had dismantled long-standing barriers between the public and private sectors, and it was now up to industry to seize the opportunity. “The government has become very forthcoming. We have even opened up the nuclear sector, but the private industry was not ready because it did not expect this change. Now is the time for industry to take the lead,” he said.

Citing the “purple revolution” of lavender cultivation as a model of successful collaboration, Singh explained how the initiative attracted investment from leading perfume manufacturers and encouraged farmers and youth to shift to high-value crops. He also pointed to women-led self-help groups adopting advanced apple cultivation techniques to boost yields and shelf life, underlining the transformative potential of industry linkages.

Highlighting the StartUp boom, with nearly 1.7 lakh ventures registered in India—more than 60 percent from tier-2 and tier-3 towns—he said Srinagar was well-placed to benefit from the surge in innovation and entrepreneurship.

The minister also noted the government’s policy shift in opening previously restricted sectors like space and biotechnology to private investment. “India’s next economic revolution is going to be biotechnology-driven, and J&K must carve its place in this transformation,” he added.

Calling the ICC retreat in Srinagar both timely and symbolic, Singh said it underscored J&K’s readiness to be integrated into India’s mainstream economic growth. “This is the best time for the industry to engage with Jammu and Kashmir. What is needed is a clear plan and a timeline to make things happen,” he concluded.