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With the diverse history and conflicts in the region of Jammu and Kashmir, the economy has also varied with each turn in its events. The main aspects that sustain the economy are agriculture, tourism, pilgrimage, followed by gems, minerals, and handlooms. The lush water sources have never shortened their feed to the agricultural prospects of the valleys. More than 70% of the population in Kashmir is dependent on the agriculture and horticulture of this sector. It can be said that agriculture and related activities are a driving source of Kashmir’s economy. The major crops grown in this region are paddy, wheat, maize, and oil seeds alongside horticulture of apples, apricots, cherries, pears, plums, almonds, walnuts, etc. The horticulture produce contributes majorly to the exports of this region. The Department of Horticulture now has 138 nurseries across the State, out of which 56 nurseries are accredited by the National Horticulture Board (NHB). These alongside the private nurseries bring about rupees 10,000 crores to the state economy every year. At current prices, the GSDP of J&K has been estimated at Rs. 2.31 trillion in the year 2023-24.
Apart from these regular crops, the cultivation of saffron has also contributed to the growth of the valley. This spice has gained recognition of its own. From the Saffron Valley of Pompore, a GI tag has been given to the Kashmiri Saffron for its distinct flavour, colour, and aroma. Alongside this, the Kashmir Willow, which grows in every corner of the region, has also been given a GI tag because of its unique qualities that are ideal for making cricket bats. These bats are known to be harder and dryer than the English Willow bats which makes them ideal for use against soft balls. The willow is also used to make packing cases and woven basketry, fuel for the local populace, and fodder for the livestock. Though not by a large factor, the willow plays a small role in the improvement of the economy albeit after the sanction of the GI tag. Pulwama district is at the heart of our aromatic oil production effort majorly being the rose oil. The production of almost 100 kilograms of rose oil each year has transformed the local economy. This has attracted a diverse group of people towards rose cultivation. The oil being very close to the Bulgarian rose oil in the fragrant notes has made it a fantastic substitute for the highly-priced Bulgarian rose oil in many perfume/ fragrance brands.
The ‘Aroma Mission’ or ‘Purple Revolution’ launched by the Council of Scientific and Industrial Research has brought lavender into the national spotlight. CSIR’s Indian Institute of Integrative Medicine Jammu (IIIM) has been implementing various farmer and industry-oriented hand-holding projects for production, collection, and post-harvest processing. The cultivation of lavender oil had not bloomed as much as the rose oil campaign but has impacted the economy by building a varied spectrum of consumers all over the world. Taking the dense history, cultural significance and diversity, and beautifully scenic valleys, lakes, glaciers, and rivers of this land of Kashmir, it is never short of tourists and pilgrims.The region is known as “Paradise on Earth” for its snowcapped mountains, lush greenery, white wonders in winter, scenic lakes with gushing rivers surrounded by breathtaking natural beauty. This year, J&K witnessed a footfall of almost 1.9 crore tourists visiting for various purposes. The major spots for these visitors are the Kashmir Valley, Chenab Valley, Sindh Valley, Bangus Valley, Lidder Valley, Srinagar, Gulmarg, Pahalgam, Bhaderwah, Patnitop, and Jammu. Thousands of Hindu pilgrims visit the sacred temples of Vaishno Devi and Amarnath each year, which also has a notable impact on the state’s economy.
The state government and tourism department made the stays of these travellers more interesting by the following measures. Making Bangus motorable via the Mawer route. The Kupwara District Administration and Tourism Department organizing a two-day Bangus Mela which has now become an annual event. Introducing Winter sports like skiing, tobogganing, snowboarding , and heli-skiing on Mount Apharwat. River rafting tournaments at Sonamarg. The Tulip Festival, which is an annual Spring festival for showcasing a variety of flowers in the garden. Privatization of various activities such as trekking, camping, rock climbing, para-gliding, rafting, rappelling, etc, have majorly contributed to the adrenaline seekers coming down to the valley to have their share of fun.
