The effects of terror on economic development are vast and far-reaching. Terror based violence can cause heavy losses of life and property, disrupt the normal functioning of markets, and curb investment and economic opportunities. It can also create a climate of fear and insecurity that hampers the functioning of businesses, stifles entrepreneurship and inhibits social progress.
The introduction of the ‘Ease of Doing Business’ initiatives in the newly formed Union Territory of Jammu and Kashmir (J&K) by the Government of India has helped create an environment of security and confidence that is essential for economic growth. The initiatives have effectively curbed terror related activities in the region and have opened up new avenues for economic progress.
The initiatives have helped reduce the bureaucratic hurdles and paperwork for businesses in the region by introducing a simplified system for registering and starting businesses. This has opened up the region to a wide range of investors, entrepreneurs and businesses from different parts of India and across the world.
The initiatives have also created an environment of trust and security in the region, which has enabled entrepreneurs to explore new opportunities and set-up businesses without the fear of terror-related activities. This has been further strengthened by the introduction of the ‘Secure J&K’ initiative, which has enhanced security and surveillance across the J&K region.
The easing of doing business in the region has also been complemented by the introduction of various government schemes. These schemes have helped the region in its economic development by providing financial assistance to small and medium-sized enterprises (SMEs), improving access to credit and other financial services, and providing skill development and training for the local population. All these measures have helped create an environment of investment, growth and development in the region.
The positive effects of the ‘Ease of Doing Business’ initiatives on the economy of J&K can already be seen. The region has witnessed a surge in investment and the development of infrastructure, which has created new employment opportunities and increased incomes. The increased economic activity has also led to an improved standard of living in the region.
The ‘Ease of Doing Business’ initiatives have thus opened up new vistas of economic and social progress in the J&K region. The initiatives have created an environment of trust and security, which has enabled businesses to flourish, and entrepreneurs to explore new opportunities. This has in turn helped spur economic growth and development in the region and has improved the standard of living of the local population. The initiatives have thus demonstrated the power of an environment free from terror to unlock economic progress and development.