J&K targets Rs 10,000 cr exports by 2029 under new policy

Srinagar, Oct 24: Jammu & Kashmir has set a target of achieving INR 10,000 crore in exports over the next five years, according to the newly released Export Policy.
An official from the Industries and Commerce Department in Kashmir told Rising Kashmir that they plan to boost export growth by focusing on district-wise development and key sectors such as agriculture, horticulture, handicrafts, and pharmaceuticals.
He said that Srinagar and Anantnag lead in handicrafts, while Jammu is focusing on agriculture, particularly Basmati rice and walnuts
The district-level approach is part of India’s 2023 Foreign Trade Policy, which promotes export hubs in each district to drive regional economic growth, he said.
The official data reveals that Jammu and Kashmir’s export performance has shown fluctuations in recent years. In FY 2020-21, the total export value stood at INR 1,244 crore, which rose to a peak of INR 1,835 crore in FY 2021-22. However, exports saw a slight decline to INR 1,710 crore in FY 2022-23. Projections for FY 2023-24 estimate exports at INR 1,600 crore, with the government targeting INR 1,750 crore in FY 2024-25 as part of its export growth strategy.
To support the aggressive export push, the government will offer several incentives which include air freight subsidies of up to INR 5 lakh per exporting unit annually, inland freight reimbursements covering up to 25% of costs (with a maximum limit of INR 10 lakh annually), and a 50% refund on export certification costs, capped at INR 5 lakh, the official said.
The measures are designed to overcome logistical challenges and make J&K products more competitive in international markets, he added.
He further said that handicrafts like woolen shawls and carpets remain the top export earners, but they also plan to strengthen emerging sectors like IT and pharmaceuticals.
Exporters will receive financial support for international trade fair participation and product certifications to enhance market competitiveness, he added.