Article 370 of the Constitution of India relating to special status of the State of Jammu and Kashmir is now sixty-nine years old. It is the only state in the Union of India which negotiated the terms of its membership with the Union. The state acceded to India under ‘unique circumstances’ and the ‘unique problems’ existing within the state require a ‘unique solution’. One such problem is the impact of Article 370 on its capable economy. Kashmir’s tourism is an under developed sector which nevertheless fuels its economy. It is abundantly rich in natural resources including fertile lands, rivers, and various other resources which otherwise would have contributed towards a flourishing economy. Despite this, the economy of the state has not been able to grow at an expected pace. The authors argue that it is because of the presence of Article 370 and the resulting socio political conditions, the economy is in a sorry state. The constitutional provision giving special status ensures that no outsider can buy land or start any business, which makes it difficult to invest in the state. Also, the provision gives a limited space to the central government in the economic domain and in consequence to pool substantial resources for consolidating the economy. The authors’ idea is to bring forth how this politico-legal provision has shaped the economy of the state and how the functioning is to be changed for a better future.