Srinagar

"I am an out-and-out capitalist", Jammu and Kashmir Chief Minister Omar Abdullah said on Tuesday as the legislative assembly passed his ease of doing business bill.

Speaking on the floor of the House during the ongoing Autumn session of the J-K Assembly, Abdullah said it is not the government's job to run hotels and other businesses, it only has to provide an enabling environment for businesses to thrive.

The Jammu and Kashmir Ease of Doing Business Bill, 2026 found support from some legislators, such as NC MLA Farooq Shah and BJP MLA PK Gupta, while others like CPI(M) MLA M Y Tarigami criticised it.

The Bill was introduced by the chief minister, who also holds the portfolio of Law, Justice and Parliamentary Affairs in the assembly.

MLAs discussed the Bill that aims to consolidate and amend the existing law and replace the "permission-based control with rule-based governance and to enable citizens and enterprises to plan, invest, and work with confidence".

According to the government, it will also foster 'Ease of Doing Business' and 'Ease of Living' in a manner that generates employment, attracts investment, and sustains long-term economic growth in J-K.

CPI(M) MLA Tarigami said such moves in the past "have led to making rich people richer while there is no increase in employment".

Responding to the MLAs, the chief minister said the Bill is an example of cooperative federalism.

The chief minister said Tarigami and his thoughts match on many issues, but on this "we differ".

"I am an out an out capitalist. I want private industry to come and for it to thrive," he said.

"We also have a habit of not trusting anyone. We have this belief that everyone is here to loot and destroy us. We hope that investors are coming with good intentions. We want to make it easy for investors. We will tell them what they cannot do. Rest, permissions will be granted automatically," he said.

Abdullah said sitting on decisions is a form of corruption. "Under this bill, if a particular permission is not given within the stipulated time, it will be deemed to have been granted. The investors will not have to grease the palms to move their files," he added.

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He added that the government has kept a provision for third-party certification. "We have not given a free hand to investors to do whatever they want. If they are found to violate the law, their project will be taken over by the government," he assured the House.

The Speaker then put the Bill to a vote, and it was passed.