After the central government's decision to revoke Jammu and Kashmir's special status (under article 370) and the bifurcation of the state into two union territories was passed in the Parliament, several companies came forward to make investments in the area to create new jobs.
Among the big as well as small names were Reliance Industries Limited, Medanta Group, Trident Group, Curefit and Policybazaar that have announced plans to invest in the union territory of J&K.
At the company's annual general meeting on 12 August, chairman and MD of RIL, Mukesh Ambani said that the group will set a special task force to focus on investments in Jammu and Kashmir. He also said that more announcements related to investments in the newly formed union territories will be made in a few days.
Health and fitness focused startup, Curefit, announced its plans to open five fitness centres in the region in the same week that the bill was passed.
Medanta hospitals also gave indications of its plans to take its healthcare facilities to the state. "Kashmir does not have good hospitals except two-three government hospitals. After the repeal of Article 370 and Article 35A, there is a possibility that we can cater better healthcare facilities to the people of Jammu and Kashmir," Dr Naresh Trehan, chairman of private hospital was quoted saying by news agency ANI on 9 August.
EtechAces Marketing and Consulting, operator of the online insurance selling platform PolicyBazaar and lending market place PaisaBazaar, will be creating 4,000 jobs for the union territories of Jammu & Kashmir and Ladakh over 12 months, a Times of India report said last week. A majority of these jobs will be in the customer advisory functions, it said.
Ludhiana based Trident Group's chairman Rajinder Gupta on 7 August informed a news channel of his plans to invest Rs 1,000 crore in the union territories and later shared the video clipping over his social media accounts.
Post the revocation of special status, Prime Minister Modi delivered a special address to the nation, in which he asked Indian businesses to invest in the J&K region, especially the film, tourism, food processing and export industries.