Now after Article 35A is revoked and Kashmir's special status gone, anybody from anywhere in India will be able to buy property and settle permanently in J&K. (File Photo)

After Centre on Monday scrapped Article 370 of the Constitution that grants special status to Jammu and Kashmir, sources told India Today TV that a special developmental plan for Jammu & Kashmir has been worked out which includes the setting up of industries, state of the art educational institutes, heathcare facilities etc.

The government believes that the change in Jammu & Kashmir’s status will encourage private sector investment in the new Union territory.

Till now, government sources say, provisions of Articles 370 and 35A have prevented business houses from purchasing land and hiring skilled manpower in the state.

The change in administrative status, the government believes, will have a positive impact on the ease of doing business as it would give industry ownership of establishments and will encourage hiring.

These decisions will allow any individual or businesses that operate as per the laws of Union of India, to freely operate, under the same rules of business, in the union territories of J&K and Ladakh, government sources told India Today TV.

In his speech in Parliament, Union Home Minister Amit Shah referred to these apparent constraints, saying that no industry can be set up because of Article 370, 35A tourism did not develop because of restrictions on land purchase."

Amit Shah’s speech in Parliament also asserted that among the hurdles created by Article 370 was the setting up of private hospitals. Healthcare is crippled in Jammu and Kashmir as no private hospital could be set up due to Articles 370, 35A."

Investor meet in J&K

Keeping the development in J&K in mind, an investor’s summit has been planned in J&K in October, in which major industrial groups are expected to participate and unveil concrete ideas for investment in sectors including hospitality, pharmaceuticals, agro-processing and healthcare.

The State Administrative Council (SAC) which met under the chairmanship of Jammu and Kashmir Governor Satya Pal Malik, accorded sanction to the holding of J&K Investor Summit, 2019. The opening ceremony will be held in October at Srinagar, followed by closing at Jammu.

The Confederation of Indian Industry (CII) sources told India Today TV, "The hosting of the JK Investor Summit will provide the state with an opportunity to showcase its strengths, strategies and potential. Participating trade and industry organizations will come to know firsthand about the business friendly policies of the government, assess infrastructure, natural resources, raw material and skill and unskilled manpower available and identify business opportunities in the State. It will present immense opportunities to develop contacts between State and business community and between local and outside business community. For the State like J&K, the Investor Summit will provide an opportunity to allay fear and apprehensions from the minds of outside trade and business community."