Srinagar, July 29: Jammu and Kashmir administration has asked the Law Department to suggest any necessary amendment in an act for setting up of JK Industrial Development Corporation.
Sources told news agency Kashmir Indepth News Service (KINS) that Jammu and Kashmir administration has decided to merge State Industrial Development Corporation (SIDCO) and Scale Industrial Development Corporation(SICOP) and name it JK Industrial Development Corporation.
“The JK Industrial Development Corporation will have Chief Managing Director, Managing Director and other officials to run its affairs. Now the file has been sent to the Law Department to suggest necessary amendments required in the act,” they said.
The move comes as Centre recently unveiled a new industrial policy for attracting investments in J-K and the administration of UT identifying industrial zones.
Earlier, Ministry of Home Affairs had amended The Jammu & Kashmir Development Act-1970 in October 2020 for setting up of J-K Industrial Development Corporation.
According to the amendments, the Corporation will be set up for the purposes of securing and assisting in the rapid and orderly establishment, and organisation of industries in industrial areas and industrial estates in J-K.
The Corporation will establish and manage industrial estates, develop industrial areas and make them available for undertakings to establish themselves.
SICOP was created with a sole motive to provide door step raw material and marketing facility to registered MSME, testing facility and creation of industrial estates.
It may be placed on record that SICOP and SIDCO have been meeting their expenses by generating revenue of their own.
Similarly, sources said government has proposed comprehensive plan for rehabilitation of staff of other Corporations to be closed/merged to ensure that they don’t suffer.
As per the proposal, the SICOP should be closed and all the Industrial Estates presently managed by SICOP should be transferred to JKIDC.