New Delhi, Oct 2 (NationPress) Jammu and Kashmir is entering a transformative phase of growth and development, moving past years of turmoil and stagnation. Previously recognized primarily for its unrest, this Union Territory is now emerging as one of the quickest-growing regions in India, with its economy expected to reach Rs 2.65 lakh crore.

Since 2019, a series of structural reforms, policy modifications, and substantial infrastructure investments have redefined the region's trajectory, according to a report by Kuwait Times.

From 2021–22 to 2024–25, Jammu and Kashmir has experienced consistent annual growth exceeding 7 percent, driven by escalating investments, thriving tourism, and social welfare initiatives.

A renewed sense of peace and effective governance has been pivotal in fueling this expansion. Welfare programs like Ayushman Bharat, universal access to clean drinking water, and the construction of over 1.7 lakh houses under the PM Awas Yojana have significantly enhanced the quality of life for residents.

Additionally, the creation of over 30,000 government jobs and the emergence of more than 650 startups since 2019 have contributed to stability and opportunity.

Industry and infrastructure have been central to this transformation. Under the Industrial Policy 2021–30 and the New Central Sector Scheme, investment proposals totaling Rs 1.63 lakh crore have been received, with the potential to generate nearly six lakh jobs.

Nearly 2,000 new industrial units are already operational, signifying a substantial shift in the region's economic landscape, as per the report.

Tourism, historically the backbone of J&K's economy, has reached unprecedented heights. In 2023, over 2.11 crore tourists visited the Union Territory, marking the highest figure ever recorded.

Improved security, enhanced road networks, and diverse attractions such as Gulmarg's winter sports, eco-tourism circuits, and upgraded religious sites have drawn visitors year-round.

The G20 Tourism Working Group meeting held in Srinagar has further elevated the Valley's profile on the global stage. Major infrastructure projects are revolutionizing connectivity.

The Chenab Railway Bridge, the tallest globally, alongside the Zojila and Z-Morh tunnels, new highways, and upgraded airports in Srinagar, Jammu, and Leh, has reduced travel times and bolstered trade, tourism, and logistics.

Metro rail initiatives planned for Srinagar and Jammu, along with logistics parks, signal a vision for modern urban transport.

Energy and digital transformation are also progressing. Hydropower projects such as Ratle, Kishanganga, and Pakal Dul, along with new solar ventures, are set to enhance power supply.

Simultaneously, digital governance is advancing through the BharatNet project and over 1,100 services available on the eUNNAT portal.

The discovery of lithium reserves in Reasi has provided the Union Territory with an additional strategic advantage, potentially positioning it as a key player in India's clean energy transition.

Training programs for youth in artificial intelligence, cloud computing, and cybersecurity underscore a future that merges renewable energy with digital innovation.

Experts assert that these transformations extend beyond mere economic growth; they also strengthen India's strategic presence in border areas.

Dual-use infrastructure such as highways, tunnels, and airports cater to both civilian needs and national security.

With anticipated growth nearing 10 percent in the coming years, Jammu and Kashmir is emerging as India's new growth engine, the report concludes.