Opinion | G-20 Summit in Srinagar: Kashmir On Verge to Script History!

In addition to its stunning natural beauty, Kashmir is also renowned for its rich cultural heritage. The handicrafts produced in the region have gained worldwide recognition and are highly sought after. From Europe to the UK and the United States, the handicrafts and carpet industry of Kashmir have made a mark on the global market.
The upcoming G-20 summit, scheduled for May 22nd, is the most significant event to be held in the recent history of Jammu and Kashmir. Delegates from the world’s 20 most prominent countries will visit the state, providing them with an opportunity to experience the region’s peace and investment opportunities. It will also create a significant economic boost for the local population, who have suffered from Pakistan-sponsored terrorism for decades. Since the abrogation of article 370, locals have been given the opportunity to restore the region’s past glory of peace and tranquillity.
For the last three decades, terrorism has taken a toll on Kashmir, leaving its businesses and economy in tatters. Tourism and handicrafts were the primary sources of income for the state, but terrorism uprooted the economy, leaving the population without work and economic means.
However, the abrogation of article 370 and the subsequent dismantling of terrorist ecosystems have given locals the much-needed opportunity to live a normal life away from the shadow of the gun. The Kashmir Valley is now witnessing a resurgence in tourism and business activities, and significant economic development has been observed. Kashmir has remained bereft of development on the global map, primarily due to Pakistan-sponsored terrorism, but peace prevailing in the valley has brought about significant changes and progress.
One significant event that took place in Kashmir in recent years was the Global Investors’ Summit, which took place in October 2019. The summit, organized by the Jammu and Kashmir government in collaboration with the Confederation of Indian Industry (CII), aimed to attract investment and promote economic development in the region. The summit was attended by several high-profile business leaders, including Mukesh Ambani, the chairman of Reliance Industries, and Kumar Mangalam Birla, Chairman of the Aditya Birla Group.
The summit was a crucial event for the region, as it aimed to showcase the potential of Kashmir as an investment destination and promote economic growth. Since the summit, Jammu and Kashmir have received investments of more than ₹55000 crores, with many global giants investing through Foreign Direct Investment (FDI).
The upcoming G-20 conference, which is scheduled to be held later this month, will put Jammu and Kashmir at the top of the world map. It will provide an opportunity for the region to further open up to investment opportunities from host countries while enabling the international markets of the host countries to propel the indigenous industries of Jammu and Kashmir. As foreign delegates experience Kashmir, the government’s decision to display handloom products, such as the pashmina shawl, will enable them to have first-hand experience of the niche handloom industry.
The hosting of the G-20 summit is a significant event for Jammu and Kashmir, not only because it provides an opportunity to showcase the natural beauty and cultural heritage of the region to a global audience, but it could also help raise awareness of the region’s potential as a tourist destination and promote economic development.
Finally, the hosting of a G20 summit in Kashmir provides an opportunity for the entire South Asian region to engage with the international community and participate in global discussions on issues such as economic growth, trade, and climate change. This could potentially help promote peace and development in the region and bring it closer to the global economic mainstream.