Bengaluru, Aug 1: Jammu and Kashmir Chief Minister Omar Abdullah on Saturday said that no society has ever achieved prosperity solely through government jobs or public spending, stressing that entrepreneurship and strong institutions are the real drivers of sustainable economic growth.
Delivering the keynote address at the inaugural session of the IIM Bangalore Alumni Association, Abdullah said Jammu and Kashmir is often viewed through the lens of politics, security and geography, but its story is also one of resilience and human development despite difficult conditions.
He said development is not the result of a single government or budget but is driven by institutions that create opportunities and reward people’s efforts over time.
“The defining productive asset of the 21st century is no longer land but enterprise supported by knowledge, technology, energy and connectivity,” he said.
Highlighting the government’s Mission Yuva initiative, Abdullah said it aims to identify aspiring entrepreneurs and connect them with finance, markets and mentorship, adding that expanding access to enterprise is the modern path to economic growth.
The Chief Minister said Jammu and Kashmir should build on its strengths in horticulture, handicrafts, tourism and hydropower through better logistics, branding and digital commerce to generate greater value.
Inviting industry leaders to invest in the Union Territory, Abdullah said J&K may not be able to match major economic hubs like Bengaluru but can create opportunities by leveraging its unique strengths and improving the investment ecosystem.
During an interaction after the address, he said governments should focus on long-term institutional reforms instead of short-term announcements to achieve inclusive development.
Replying to a question on sectors with the greatest potential, Abdullah said agriculture and allied activities remain the backbone of Jammu and Kashmir’s economy. He pointed to opportunities in dairy processing, post-harvest management, crop diversification beyond apples and cultivation of high-value crops such as blueberries.
On sports, the Chief Minister said football enjoys immense popularity in Jammu and Kashmir and expressed the government’s commitment to promoting and reviving the sport in the region.
