Tourism industry strengthens when local enterprises have access to finance: Omar Abdullah at Axis Bank event in Srinagar

Srinagar: Jammu and Kashmir chief minister Omar Abdullah said that tourism industry strengthens when local enterprises have better access to finance.

Abdullah stressed that strong partnerships between institutions and industry will play a key role in driving inclusive growth across the region.

J&K CM was speaking at Tourism Promotion and Expansion Plan meet in Srinagar on Tuesday evening hosted by Axis Bank. The bank said that program reaffirmed its long-term commitment to driving inclusive and sustainable economic development in J&K.


“J&K is entering a phase of stability, progress and opportunity. Strengthening tourism and enabling local enterprises through better access to finance will be critical to sustaining this momentum," said Abdullah.

The discussions brought together policymakers, government officials, and banking leaders to focus on three immediate priorities—scaling tourism linked businesses, expanding access to formal finance, and strengthening institutional collaboration for sustained regional growth.


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"The region stands at a clear inflection point, where stability, aspiration, and enterprise are coming together to create sustained economic momentum. Tourism lies at the heart of this transformation—not only as a driver of economic activity, but as a catalyst for livelihoods, entrepreneurship, and regional confidence. At Axis Bank, we are committed to enabling this ecosystem by supporting businesses through access to capital, digital capabilities, and long‑term partnerships," said Amitabh Chaudhry, Managing Director & CEO of Axis Bank.

The event marked a coordinated effort between the government and financial institutions to accelerate regional development.

The deliberations focused on bridging the gap between intent and execution, with an emphasis on channeling capital at scale into tourism linked enterprises, formalising fragmented businesses, and removing barriers that continue to constrain access across the value chain.

Tourism contributes around 7% to GSDP and supports over five lakh livelihoods across the tourism and hospitality ecosystem. Axis Bank has identified J&K as a priority market for MSME growth, with a focused approach to empowering tourism and hospitality businesses through end‑to‑end financial solutions that support scale, resilience, and long‑term sustainability.


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The Bank operates 54 branches across the Union Territory, including nine added in the past year, underscoring its focus on expanding access to banking. "Beyond business expansion, Axis Bank Foundation continues to support inclusive regional development through targeted interventions. This includes the Rupantar education programme, benefiting over 200 teachers and 3,500 students, and a rural livelihood initiative across Kulgam and Baramulla, enabling entrepreneurship and sustainable livelihoods for 144 individuals and 101 micro-enterprises," Axis Bank informed.