October 2020 News

J&K Government To Come Up With Industrial Promotion Policy In October

4 October 2020
Kashmir News Service


Srinagar: Jammu and Kashmir Government will unveil new industrial promotion policy in the month of October which is likely to bring investment of more than 30,000 crore. Official sources told KNS that Department of Industries and Commerce is in the final stages of designing an ambitious industrial promotion policy to attract private investment. The sources added that the Covid pandemic has Derailed the proposed global investment summit in Jammu and Kashmir which was conceptualized to bring in outside investment. ' It will be done as soon as pandemic subsidized,' an official who wished not be named said. The new policy will have elements like tax exemption and very attractive land policy- this will be in addition to the incentives to be provided by Government of India through a special J&K Industrial development scheme. Government has identified 14 sectors for prioritising investment in them-Information Technology, tourism and hospitality, horticulture and post harvest management, agro and food processing, agriculture and milk poultry, processing of handloom, silk and handicraft, healthcare and pharma, medicinal plant, education and skill development, infrastructure and real estate and hydro and renewable energy. Sources also added that LG Sinha is keen to setup attractive ecosystem of investment for young entrepreneurs of the J&K. There is an understanding in the Government that without proper industrial ecosystem, unemployment is going to be a major challenge for the Government, an official told KNS. ' Identification of land banks in every area for the aspiring entrepreneurs of those areas with single window clearance facility system,' he said.

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