The Jammu and Kashmir government on Thursday postponed its first summit for prospective investors to 2020, PTI reported. The event was scheduled to take place from October 12 to October 14 in Srinagar.

The preparedness for the summit was reviewed at a state administrative council meeting chaired by Governor Satya Pal Malik. They took the decision to reschedule the event, and said the Department of Industry and Commerce should be given reasonable time to make necessary preparations to secure robust participation of investors.

The council said new dates would be finalised in consultation with the Centre, keeping in view the policy work completion, logistics – including schedule of roadshows, and climate – and the schedule of Parliament’s winter and budget sessions. It will also take into account other major festivals, national and international events.

Last month, Principal Secretary for Commerce and Industry NK Choudhary announced that the state would organise the summit to showcase its strengths, strategies and potential. The state government planned roadshows by the governor in Ahmedabad, Mumbai, Hyderabad, Kolkata, Bangalore and Chennai. Promotional events were scheduled to be held in Dubai, Abu Dhabi, London, the Netherlands, Singapore and Malaysia. The government said it would invite more than 2,000 industrialists and business groups for the summit.

The decision to hold the business conference was taken days after the revocation of Jammu and Kashmir’s special constitutional status under Article 370 of Constitution. Article 370 along with Article 35A of the state Constitution prohibited the sale of property to non-residents.

In his address to the nation on August 8, Prime Minister Narendra Modi justified the withdrawal of the special status and urged businesses to come forward to develop the region, and export its products to the world.

Reliance Industries Chairperson Mukesh Ambani has also said the Reliance group will make several announcements related to investments in the region.

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