Following the motion to revoke Article 370 in the Rajya Sabha, comes another huge development in the Jammu and Kashmir. The Government of India is planning a massive investment summit in Kashmir in October, sources say and the idea is anyone who wants to invest there, build an industry can buy property can now do so.
Owing to the Article 370, which gave the state a separate identity and provisions, also created hurdles for opportunities for financial growth.
As per the provisions of the article, the Parliament needs the state government's concurrence for applying laws except for defence, foreign affairs, communications and finance. Hence, the residents of the state live under a separate set of laws, including citizenship, ownership of property, and fundamental rights, in comparison to the rest of India. Under Article 370 provisions, Indians from other states are forbidden from purchasing property in Jammu and Kashmir.
Removal of Article 370 would take back the special status from the state, allow citizens from across the country to settle and buy land in Jammu and Kashmir and subsume people of the state into the mainstream. This would also mean opportunities for investment coming into the state owing.
The removal of Article 370 also means that there would be no permission required to set up industry and infrastructure. This would also entail replacing the RPC with the IPC and every amendment of the Constitution will be applicable to the rest of India will automatically apply to Kashmir as well. Along with that jobs and educational institutes would be open to everybody.
Additionally, the abrogation of the Article will also allow West Pakistan refugees, Dogras, Bakarwala and Kashmiri Pandirs would have equal stake in the state without any permissions.