Srinagar: In a landmark move, Jammu and Kashmir is on the brink of a massive industrial transformation. The Union Territory is set to unveil new guidelines within a week, which are expected to significantly boost private sector investment, sources said.
This strategic initiative aims to harness the region's untapped potential, promising to reshape its economic landscape. The Jammu and Kashmir Private Industrial Estate Development Policy 2021-30 is expected to be released by mid-June.
As per the sources, once these guidelines are released, the registration process will commence with the Director of Industries and Commerce Department, J&K. This initiative aims to establish new industrial estates on private land, with a target to develop approximately 2,000 kanals (250 acres) of land annually through private industrial estates.
According to sources, the guidelines for the private industrial estate development policy are in the final stages of preparation. The Industry and Commerce Department has provided several proposals and recommendations to simplify the policy, ensuring it meets the rising demand for industrial land from investors in Jammu and Kashmir.
Arun Manhas, Director of Industries and Commerce Department, Jammu said that the new private industrial policy has been simplified to promote industrial activities in the private sector.
These substantial land requests signal a strong confidence in the region's future and its ability to support large-scale industrial operations. The projected investments are nothing short of staggering.
With commitments exceeding Rs 99,000 crores, this influx of capital is set to create numerous opportunities, stimulate job growth, and enhance the overall standard of living in Jammu and Kashmir. The investments span a wide array of sectors, including manufacturing, technology, tourism, and agriculture, ensuring a diverse and resilient economic foundation.
Local entrepreneurs and small business owners are also expected to benefit significantly from this industrial push. The government’s guidelines will likely include provisions for micro, small, and medium enterprises (MSMEs), ensuring that local talent and resources are integrated into the larger economic framework. This inclusive approach aims to foster a thriving business ecosystem where local and external investors can collaborate and innovate.
Despite significant interest from both domestic and international investors in the industrial sector of Jammu and Kashmir, the availability of land has not kept pace with demand. Efforts are being made to develop new estates on thousands of kanals of state land, most notably in the Bagthali Industrial Estate of Kathua.
However, due to the substantial gap between demand and availability, private industrial estates will play an increasingly important role. Private lands have been identified in Kathua, Ghagwal, Samba, and Jammu.
Sources reveal that investors have demanded over 62,000 kanals (7750 acres) of land in Jammu and Kashmir, with more than 34,000 kanals (4250) sought in the Jammu division and over 27,000 kanals (3375) in the Kashmir division. The proposals for investment exceed Rs 99,000 crore. The Industries Department expects to secure 6,000 to 8,000 kanals of private land in the Jammu division, primarily in Kathua, Ghagwal, Samba, and Jammu.