New Delhi: India Inc on Tuesday cheered the Parliament's approval to abrogate some provisions of Article 370 and the Jammu and Kashmir Reorganisation Bill 2019, saying the bold move would open up investments into various sectors in the state, thereby creating jobs. The Lok Sabha on Tuesday approved a resolution abrogating special status to Jammu and Kashmir under Article 370 of the Constitution and a bill for splitting the state into two Union Territories.

The resolution was passed by the Lok Sabha with 351 members voting in its support and 72 against it, while one member abstained. The bill to create two UTs -- Jammu and Kashmir, and Ladakh -- was passed in the House by 370 votes in favour and 70 against. The resolution and the bill were approved by the Rajya Sabha on Monday.

Describing the decision to abrogate Article 370 of the Constitution as historic and leading towards the One Nation One Constitution, Assocham President BK Goenka said the bold step would open up the flow of investments into the sectors like tourism, real estate, handicrafts, horticulture and food processing, among others, and the multiplier effect would enhance the employment opportunities and contribute to India's all round prosperity. "We congratulate Modi government for this historic move and to participate in the proposed economic development agenda, Assocham has decided to set up regional office in J&K," Goenka stated. "Jammu & Kashmir is an area of strong potential for development as it enjoys a range of natural resources and immense talent," CII President Designate Uday Kotak said.

According to him, the region's per capita NSDP at Rs 63,995 stands at about 55 per cent of the national average, and agriculture accounts for 80 per cent of the output. Kotak observed that strong efforts from the Government and industry, including local businesses, are the need of the hour to raise its growth rate and create new opportunities for employment and livelihoods.

Dalmia Bharat Group Managing Director Puneet Dalmia termed it a historic moment of great pride for all Indians. "Jammu & Kashmir is an inseparable part of our country and deserves the same growth and development as the rest of India. I am sure investments in J&K will be now a top agenda in many corporate boardrooms. In the next 5 years the youth in the region will benefit from tremendous job opportunities as a result of these investments," he said.