Mubashir Bukhari
Srinagar (NVI): Ahead of the Global Investors’ Summit in Jammu and Kashmir in April this year, the UT administration is working closely with the Centre to formulate an Industrial Promotion Policy to attract investors in the Valley.
Cheaper land, stamp duty exemption and capital investment subsidy are some of the doles that Jammu and Kashmir government is offering to lure industry captains to invest in the new Union Territory.
The incentives are part of government’s Industrial Promotion Policy 2020 which is scheduled to be unveiled in next three weeks.
“This will have elements like GST reimbursement in full, a very attractive land policy, exemption from stamp duty, a capital investment subsidy and other benefits. It will provide capital and transport subsidy to investors,” said an official privy to finalization of policy.
The official said these will be in addition to the incentives to be provided by government of India through a special J&K Industrial Development Scheme which is already in place.
“The Policy will focus on improving ease of doing business through the single window system mechanism which will streamline approvals for investment in all sectors,” the official said.
Government has identified 14 priority sectors for investment in J&K. These include manufacturing, IT sector, tourism hospitality, film production, agriculture, milk poultry, wool production processing silk, handlooms, handicrafts, healthcare, medicinal plants, education and skill development infrastructure and real estate.
Government has directed all district commissioners to submit details about the land available in their jurisdictions. J&K has a robust economy with agriculture, horticulture and the services sector the main priority areas.
“The policy focuses on boosting all sectors. The Policy is being done in consultation with the central government,” the official said.
Jammu and Kashmir government has also decided to organise road shows in Chennai, Ahmedabad, Surat, Bangalore, Kolkatta, Hyderabad, Mumbai and Delhi to invite investors to Jammu and Kashmir.
J&K Lieutenant Governor Girish Chandra Murmu said last week, “We intend to take a leap forward in making J&K an economic paradise for investors. I would like to invite investors to take the land in setting up your enterprises in J&K. In order to make J&K a preferred investment destination, we have laid special emphasis on business partnerships for the development of mega and large industries,”
The first of its kind summit in J&K with the theme of Explore, Invest and Grow, is aimed at exhibiting different investment opportunities in the newly formed Union Territory, across several sectors.
