Axis Bank, J&K Government Align on Tourism-Led Growth Strategy

Focus on MSMEs, financial access, and institutional partnerships as region sees tourism revival

Srinagar: Axis Bank on Wednesday hosted a high-level Tourism Promotion and Expansion Plan Meet in Srinagar, bringing together policymakers and financial leaders to accelerate tourism-led economic growth in Jammu & Kashmir.

The meeting was attended by Jammu & Kashmir Chief Minister Omar Abdullah and Axis Bank MD & CEO Amitabh Chaudhry, alongside senior officials, with discussions centred on scaling tourism-linked businesses, expanding access to formal finance, and strengthening institutional collaboration.

Addressing the gathering, Abdullah said the region is entering a phase of stability and opportunity, underlining that strengthening tourism and enabling local enterprises through better access to finance will be key to sustaining economic momentum.

Chaudhry highlighted tourism as a central pillar of the region’s economic transformation, noting that partnerships between financial institutions and government will be critical to unlocking long-term growth. He said Axis Bank remains committed to supporting businesses through capital access, digital capabilities, and sustained institutional engagement.

Tourism Revival Gains Momentum

Tourism continues to be a major economic driver in Jammu & Kashmir, contributing nearly 7% to GSDP and supporting over five lakh livelihoods. The region recorded more than 1.7 crore tourist visits in 2025, signalling a strong post-pandemic revival driven by rising footfalls and improved confidence among MSMEs.

Deliberations at the meet focused on bridging execution gaps by enabling capital flow into tourism enterprises, formalising fragmented businesses, and addressing structural barriers across the value chain.

Bank Expands Regional Footprint

Axis Bank has identified Jammu & Kashmir as a priority market for MSME growth, with a targeted approach to supporting tourism and hospitality businesses through end-to-end financial solutions.

The bank currently operates 54 branches across the Union Territory, including nine added in the past year, reflecting its push to deepen financial inclusion and expand access to banking services.

Beyond Banking: Social Impact Initiatives

Through its foundation, Axis Bank is also supporting education and livelihood initiatives in the region. Programmes such as Rupantar have benefited over 200 teachers and 3,500 students, while rural livelihood projects in Kulgam and Baramulla have enabled entrepreneurship for over 100 micro-enterprises.

The event underscored a coordinated push by government and financial institutions to position tourism as a catalyst for inclusive growth, with Axis Bank reaffirming its role as a long-term partner in strengthening the region’s economic ecosystem.