Service Sector Drives J&K Economy newkerala.com
The service sector drives the economy of the erstwhile state of Jammu and Kashmir, contributing 56 percent to the economic activity of the region,The report, prepared in view of the bifurcation of the state into Union Territories of Jammu and Kashmir and Ladakh last month by the Narendra Modi government, said “The recent constitutional changes in Jammu and Kashmir have led to discussions about the economic and business opportunities the region holds. While opportunities have always existed in the state, the possibility of easier access for investment does present several scenarios.”
It highlighted that the “service sector” drives the region’s economy, contributing 56 percent. “The industrial and agriculture sector accounts for 28 percent and 16 percent respectively of the economic output. The report also noted that manufacturing has a low share in economic output of the region, contributing around 10 percent to the local economy, less than the national average of 18 percent. It also pointed out that the region has had an indifferent track record in terms of industrial entrepreneur memorandum (IEMs) intentions being filed and implemented.
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