In a written reply to a question regarding the economic situation in the Kashmir Valley in Lok Sabha on Tuesday, Union Minister of State for Home Affairs, G Kishan Reddy said that people of the business community from Union Territories of Jammu and Kashmir and Ladakh can now realise the full potential in all economic sectors.

He said that people can realise in all sectors in Jammu and Kashmir like in other parts of the country after the abrogation of Article 370.

Under the Rs 80,068 crores Prime Minister’s package announced on November 7, 2015, 63 major development projects in various sectors like road, power, health, tourism, agriculture, horticulture and skill development were underway, said Union Minister of State for Home Affairs, G Kishan Reddy.

The minister said that the full potential of economy in Jammu, Kashmir and Ladakh regions could not be realised for the last 70 years as the people in the state have suffered from terrorist violence and separatism.

Reddy hailed the abrogation of Article 35A by saying that the Article came in way of the people of the region in realising their full rights which is enshrined in the Constitution.

He further said, “Central Board of Direct Taxes (CBDT) had extended the due date of filing of returns of income tax in respect of all categories of Income Tax assessee in the Union Territory of Jammu and Kashmir and Union Territory of Ladakh till November 30, 2019.”

Article 370 and 35A were abrogated on August 5 from the Indian Constitution giving the state similar status as others. The extension of the date of filing of tax returns was also done in view of the restrictions that were imposed after August 5.

(With inputs from IANS)