Srinagar, March 20 (KINS): Jammu and Kashmir is all set to frame ‘Industrial Promotion Policy’ for a major push to the economy of the new Union Territory.
Sources said the ambitious Industrial Promotion Policy 2010 is at the final stage.
“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,” an official privy to finalisation of policy, said.
The Centre and J&K administration want a major push to the economy. Leaders of the business community have also raised the issue with Union Home Minister Amit Shah and Finance Minister Nirmala Sitharaman how the J&K economy has been affected.
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 sectors for prioritizing efforts for the 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.
“The policy focuses on boasting all these sectors,” the official said.
Government has directed to all district commissioners to submit details about the land available in their jurisdictions. J&K has a robust economy centered around agriculture, horticulture and the services sector