Tourism Industry in Kashmir Valley– Prospects and Opportunities
Tourism is globally one of the most important economic activities and tourism industry is one of the biggest industries in the world that is thriving at a stupendous rate. A lot of people travel to different tourism destinations to enjoy the nature and get rid of the stress as various studies have shown that globalisation and modern lifestyles have created some distressing issues among humans, and tourism acts as an important stress reducer.
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The importance of tourism as an economic activity is growing constantly and has reached at dimensions globally that haven’t been seen before. Kashmir is blessed with natural beauty, mighty mountains and pristine lakes and rivers that attract millions of tourists every year. Kashmir valley lies in the lap of Himalayas, which has internationally acclaimed tourist destinations.
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The lush green tourist resorts of Pahalgam, Gulmarg, Sithan, Kokernag, Verinag and golden meadows of Sonamarg have remained an attraction for the centuries. Hospitality and Tourism are in fact part of the valley’s tradition, culture, and economy. Kashmir possesses immense opportunities for tourism industry to flourish. Adventurous tourism forms an important base for opportunities of tourism in Kashmir Valley as more people are involved in hiking and camping at tourists places. Tourism forms an important economic base for the development of Kashmir. NIIR Project Consultancy Services (NPCS) provides detailed project report targets with all the important information required for the investment. Tourism forms an important aspect for investment in Kashmir due to following reasons.
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Tourism forms an important aspect for investment in Kashmir due to following reasons;
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- Major contribution in J&K’s GDP: According to Economic Survey 2019-20 report, service sector mostly tourism has emerged as the biggest contributor to the State Gross Development Product (SGDP) of Jammu and Kashmir. Jammu and Kashmir is among the 10 states and union territories where service sector’s contribution to SGDP is more than 58 per cent especially due to tourism. J&K ranked number eight with its service sector contributing 58.3 per cent to the state’s Gross State Value Added (GSVA) as millions of tourists are visiting Kashmir every year.
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- Great Investment Opportunities: Kashmir Valley provides great investment opportunities in tourism sector as investors can invest in the tourism industry for great profit. It provides opportunities for investors to invest in building of hotels and restaurants at tourist places like Dal lake, Pahalgam and Sonamarg which have the potential to yield great profit as millions of tourists visit these places every year and they face the accommodation issues especially during peak tourist season.
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- Availability of natural tourist destinations: Kashmir is blessed with natural beauty which attracts tourists from different counties to visit the natural tourist destinations, which provides an important customer base.
- Government Support: The government of Jammu and Kashmir supports the investment in the tourism sector and welcomes Multinational National Companies (MNCs) to invest in it. It has given several contracts to different companies to establish parks and amusement parks at places like Nishat Bagh, Gulmarg, Sonamarg and Pahalgam. Recently a Chinese company was given the contract of crores of rupees to clean Wular Lake to attract more tourists.
- Less Expenditure for Tourists: One of the reasons for Kashmir being an important global tourist hub is that it is less expensive for tourists to visit different tourist destinations across Kashmir. With the help of NPCS, the details regarding tourist expenditure would be helpful for investors.
- Hospitality and food: The people of Kashmir are known for their hospitality. They serve local Kashmiri cuisine known as ‘Kashmiri Wazwan’ to tourists. Lot of tourists visit the Valley for local cuisine, thus food industry forms an important aspect for investment in the tourism sector.
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Kashmir Valley provides great opportunities for investors in tourism sector as tourism is flourishing in the Valley day by day. It provides opportunities for investors to invest in construction of amusement parks, receation gardens, hotels and restaurants. It would help in influx of more tourists in the Valley in coming years. Establishing a coordinating group at the local community level would greatly help investors to invest at the tourism destinations. NPCS’s project consultancy and market research fields put forward the emerging scope for the development of tourism industry in Kashmir.
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