Jammu and Kashmir is hosting meetings under the G20 summit, and the region sees this as a significant opportunity to promote its socio-economic development of the region.
The G20 comprises 20 of the world's major economies and is primarily focused on financial stability and policy discussions. The G20 countries account for a large percentage of the global economy.
Is G20 an Opportunity For J&K To Provide First-Hand Knowledge To The World?
The Summit will be an opportunity for the Union Territory to provide first-hand knowledge to the world about the regions, its development, the changes it has undergone, its security, infrastructure and also the business environment.
The businesses especially the budding entrepreneurs and startups in the region are hopeful that they will get an exposure to the investors and markets across the globe.
The event's global reach may also raise the region's profile and attract investment, catalysing growth.
Is G20, A Way To Economic Development In The Region?
Expressing views on how G20 is leading towards J&K’s socio-economic development, Mr Ajaz Ahmed Bhat, Director, Entrepreneurship Development Institute (EDI), J&K says, “G20 Summit will play an important role in eradicating poverty and address the climate crisis. It will also help in boosting agriculture and health care and can help in mitigating drinking water crises and boost tourism by giving a positive and peaceful message to the world.”
Mr Lalit Mahajan, Chairman, Federation of Industries Jammu, says, “After Article 370 was revoked, the economic development that happened in Jammu and Kashmir in the last 4 years did not happen even in the last 50 years even. The credit goes to our Prime Minister Narendra Modi and Home Minister Amit Shah. They took a bold step which led to the economic development and infrastructure development of the region. The local people are benefiting from it. This is showing the world the industrialization happening in J&K and they will be able to compare development in J&K before and after becoming a Union Territory. This will be a golden opportunity for the businesses.”
Can Startups Leverage G20’s Global Reach?
The region also has an opportunity to leverage the G20's global reach, to highlight its natural beauty and rich cultural heritage as an attractive tourist destination, and the summit provides the perfect opportunity to promote it as such.
The prospect of hosting the G20 summit in Jammu and Kashmir presents unparalleled opportunities for the startups with innovative ideas looking for access to global markets and investors. The event may potentially provide a platform to the youth-driven startup sector for showcasing their potential ideas and products.
Talking about how G20 can provide an opportunity to the startups to get global exposure, Mr Ajaz Bhat says, “G20 is an opportunity where pooling of the world experts, their experiences and ideas will definitely lead new opportunities and startups for better solutions to the issues and problems faced by the societies. Besides it will open up global market for our entrepreneurs and startups.”
Mr Lalit Mahajan, who is also the President of Bari Brahmana Industries Association (BBIA) in Jammu, says, “The budding entrepreneurs will be able to showcase their products and ideas to the delegates. If they get an opportunity to showcase their ideas and products during exhibitions, it will benefit them a lot. The kind of work that has happened in India after 2014 in the startup sector is commendable. Dr Jitendra Singh has done a lot of good work in this regard and there is tremendous scope for the local youth.”
Can G20 Connect J&K Startups With The World Market?
Mr Mahajan said, “If Angel Investors come to Jammu & Kashmir and the startups here get incubation and marketing support, they can start their production here. The G20 Summit happening, the startups registered under them, the ones of international level can be shortlisted and provided Angel Investor support. I have also attended few meetings in which there are startups worthy of getting showcased at global level. These startups can be showcased at the G20 Summit in which global investors can pitch in. He has also requested the government to pitch in the local industry association for some events in the G20 Summit.”
The G20’s strong focus on free discussion and diversity of viewpoints, may lead to more well-informed decisions and solutions to economic problems. Hosting the G20 summit can positively impact Jammu and Kashmir's future, promoting peace, stability, and sustainable development.