Post abrogation of Article 370, the new Industrial Policy in Jammu and Kashmir, aimed at attracting investment, giving impetus to the industrial sector of the Union Territory (UT) and create employment avenues, has come into effect from April 1 this year.
Under the new policy, all industrial units coming into commercial production, as well as the existing units undertaking substantial expansion shall be entitled for incentives while the existing units eligible for incentives under the erstwhile Industrial Policy 2016 shall be allowed to avail the same under the old policy till 31 March 2026.
The policy mentions that the government would act as a facilitator rather than a regulator. All UT related services, consents and permissions required to set up and operate an industry in J&K shall be provided through a single window portal.
The government aims to bring in investments worth Rs 30,000-35,000 crore in J&K as subsidies offered to investors under the new policy will be linked with the progress of the project on the ground. It will also address issues such as the sale of land and regulations regarding rent, lease or tenancy of properties.
Over 6000 acres of state land across J&K will reportedly be used to house the new industries, of which 3000 acres have already been acquired from the UT’s revenue department. Under the policy, land will be allotted to investors on lease for an initial period of 40 years, extendable to 99 years.
The policy aims at achieving inclusive growth through sustainable industrialization and employment generation, and includes provisions for evolving a fair and transparent mechanism for land allotment for industrial use.
The PhD Chamber of Commerce and Industry-Kashmir said that the new policy has given hope to the entrepreneurs of J&K.
“The turnover based incentive is a welcome move to attract investors from many sectors placing J&K on the global map in regards to advanced manufacturing, tourism & hospitality, health and wellness, education, skill development, ITeS, innovation, creativity and research and development,” the chamber said in a statement.