After the special status to Jammu and Kashmir was revoked, the Confederation of Indian Industry (CII) will support investment activities in the newly formed union territories. CII assured the government and finance minister Nirmala Sitharaman of its support.
Confederation of Indian Industry or CII on Friday assured finance minister Nirmala Sitharaman that the industry body will support investment activities in Jammu and Kashmir.
The centre recently removed special status to Jammu and Kashmir under Article 370 and has carved out two Union Territories (UTs) - Jammu and Kashmir, and Ladakh.
"We would like to see investment across sectors in Jammu and Kashmir. CII has stated to the government and the finance minister that CII would support initiative for investment in the UT," said Uday Kotak, CII president designate and MD and CEO of Kotak Mahindra Bank.
He was talking to reporters after an hour-long interaction between CII members and Sitharaman on various aspects of the economy. Kotak said CII members expressed their views over various sectors and the finance minister gave a “patient hearing and heard us with an open mind".
"We would like to see the economy grow faster," Kotak added.
He said areas in need of support and boost were discussed frankly during the meeting. Kotak further said the finance minister told the CII that she would consider suggestions made by members.
When asked about foreign portfolio investors (FPIs), Kotak said the minister did mention that she would be meeting FPIs on Friday. He said Sitharaman has promised patient hearing to comment and views of FPIs in the broader context of capital markets and economy.
Last Updated 4:22 PM IST