Factories do not shut down in a day, rather their decline begins long before machines fall silent. It starts when investment is postponed, when credit becomes difficult to access, when orders fail to arrive and when liabilities continue to mount. Across Jammu and Kashmir, many industrial units have spent years navigating precisely these challenges. The proposed Industrial Policy, therefore, is more than a policy exercise. It is an opportunity to confront problems that have accumulated over time and determine whether industry can once again become a driver of growth, employment and economic stability.
For too long, the conversation around industrial development has centred on attracting fresh investment while the concerns of existing enterprises have received limited attention. Yet any credible strategy for industrial growth must begin with businesses that are already on the ground. These enterprises have invested capital, generated employment and contributed to economic activity despite repeated disruptions and difficult operating conditions. Many continue to possess the infrastructure, experience and market knowledge necessary to expand, but remain constrained by financial stress, regulatory hurdles and shrinking competitiveness.
The enactment of legislation aimed at improving the ease of doing business has generated hope that long-standing procedural bottlenecks may finally be addressed. This is a necessary step. Entrepreneurs do not seek concessions alone; they seek certainty. Investment decisions are made when approval processes are transparent, timelines are predictable and administrative systems function efficiently. A business environment burdened by delays and uncertainty discourages expansion and weakens confidence. The success of reform, however, will depend not on legislative intent but on implementation. Unless procedures become simpler in practice, industry will continue to face the same obstacles under a different framework.
Many local manufacturers struggle to compete against larger companies with stronger financial resources and wider networks. Despite having production capacity, several enterprises often find themselves unable to secure a meaningful share of procurement opportunities. A procurement framework that enables wider participation by local industries can strengthen manufacturing, improve capacity utilisation and create employment. Public expenditure should, wherever possible, contribute to strengthening local productive capacity and supporting enterprises that generate economic activity within the region.
At the same time, the issue of financially stressed industrial units cannot be ignored. Across industrial estates, there are businesses equipped with infrastructure and manpower but trapped under accumulated liabilities. Allowing such enterprises to remain dormant carries economic costs that extend beyond the factory gate. Workers lose livelihoods, supply chains weaken and productive assets remain underutilised.
Industrial growth is impossible without the availability of credit. Businesses seeking to modernise equipment, expand production or enter new markets require financial support. Equally important is the need to address stressed accounts through practical settlement mechanisms that allow enterprises to move beyond past liabilities and focus on future growth. The objective should be economic revival, not perpetual financial distress.
However, industrial development cannot be built solely on financial relief and regulatory reform. Long-term growth depends upon improving competitiveness. This requires investment in infrastructure, technology and innovation. Industrial estates need reliable services. Manufacturing units need access to modern technologies and opportunities to upgrade production processes. Businesses must be equipped to compete not only within the region but in wider markets.
The proposed Industrial Policy will ultimately be judged by outcomes rather than promises. If it succeeds in reducing uncertainty, reviving distressed enterprises, improving market access and encouraging investment, it can help reshape the region’s economic landscape. If it fails to address these structural challenges, expectations will once again give way to disappointment. The challenge before policymakers is clear: not to announce change, but to deliver it.
