Omar Abdullah attends Axis Bank meet on tourism, business growth in J&K

By RK News
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15 Apr 2026

Srinagar, Apr 14: Axis Bank on Tuesday hosted a Tourism Promotion and Expansion Plan meet in Srinagar, focusing on scaling tourism-linked businesses and strengthening local enterprise ecosystems in Jammu and Kashmir.

The event was attended by Chief Minister Omar Abdullah as Chief Guest, along with Amitabh Chaudhry, Managing Director and CEO of Axis Bank, and senior members of the bank’s leadership team.

The deliberations brought together policymakers, government officials and banking leaders, with discussions centred on three priorities, scaling tourism-linked businesses, expanding access to formal finance and strengthening institutional collaboration for sustained regional growth.

Addressing the gathering, the Chief Minister said Jammu and Kashmir is entering a phase of stability and opportunity, stressing that strengthening tourism and enabling local enterprises through better access to finance will be key to sustaining growth. He underscored the importance of collaboration between institutions and industry to drive inclusive development across the region.

Discussions also focused on bridging gaps in financing by channeling capital into tourism-related enterprises, formalising small businesses and addressing barriers across the value chain.

Amitabh Chaudhry said the participation of the Chief Minister reflects the importance of coordinated efforts between government and financial institutions. He noted that tourism remains central to the region’s economic transformation, supporting livelihoods, entrepreneurship and regional growth. He said the bank is committed to supporting the sector through access to capital, digital capabilities and long-term partnerships.

Tourism continues to play a key role in the Union Territory’s economy, contributing nearly seven percent to the Gross State Domestic Product and supporting over five lakh livelihoods. With more than 1.7 crore tourist visits recorded in 2025, the sector has witnessed a strong revival driven by improved capacity utilisation and renewed confidence among local enterprises.

Axis Bank has identified Jammu and Kashmir as a priority market for MSME growth, with a focus on supporting tourism and hospitality businesses through financial solutions aimed at long-term sustainability.

The bank currently operates 54 branches across the Union Territory, including nine added in the past year, reflecting its expansion in retail, MSME, agriculture and tourism segments.

Beyond banking, the Axis Bank Foundation is supporting development initiatives in the region, including the Rupantar education programme benefiting over 200 teachers and 3,500 students, and rural livelihood initiatives in Kulgam and Baramulla supporting 144 individuals and 101 micro-enterprises.

The event marked a coordinated effort between the government and financial institutions to accelerate economic growth, with Axis Bank reaffirming its commitment to supporting tourism, local businesses and infrastructure-led development in Jammu and Kashmir.