Srinagar, Oct. 26 -- Factories do not shut down in a day, rather their decline begins long before machines fall silent. It starts when investment is postponed, when credit becomes difficult to access, when orders fail to arrive and when liabilities continue to mount. Across Jammu and Kashmir, many industrial units have spent years navigating precisely these challenges. The proposed Industrial Policy, therefore, is more than a policy exercise. It is an opportunity to confront problems that have accumulated over time and determine whether industry can once again become a driver of growth, employment and economic stability.

For too long, the conversation around industrial development has centred on attracting fresh investment while the conc...