Azad asks India Inc. to increase stake in J

Srinagar, May 19 (UNI) Jammu and Kashmir Chief Minister Ghulam Nabi Azad today called upon India Inc to increase investment and participate in rebuilding the state's economy.

''Jammu and Kashmir is on the road to peace and prosperity.

India Inc has to increase its stakes in the state. It is high time you collectively add value to Jammu and Kashmir by participating in the rebuilding of the state's economy,'' Mr Azad said here.

The Chief Minister was addressing an Executive Committee meeting of the Federation of Indian Chambers of Commerce and Industry (FICCI) here.

He said the government was also trying to reconstruct the state economy and the polity.

''It is for the private sector to rebuild the businesses and resurrect the society,'' Mr Azad added.

He said the policy that Prime Minister Manmohan Singh has outlined for the state was ''Peace Through Economic Reconstruction''.

''This strategy has to walk on two legs. The Centre and the Jammu and Kashmir government are working in tandem to reconstruct the economy...But the governments cannot build businesses,'' he added.

Mr Azad regretted that industrialists closed establishments in the state once incentives given to them were stopped. Incentives were meant to help them stabilise, he said, adding once stabilised, the industrialists were expected to continue even after that.

He said at present the investments were concentrated only in some parts of Jammu, but the state government expect business to grow in the entire region, the Kashmir valley and in Ladakh as well.

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