A New Dawn for Jammu and Kashmir: Unleashing the Power of Private Industry
Massive Industrial Push in J&K Set to Transform Private Sector…
‘Industrial Estate Development Policy to be Released by Mid-June’.
||Black and White Digital News||
||Tejveer Singh June 8, 2024 ||
Srinagar: A significant industrial revolution is poised to take root in the private sector of Jammu and Kashmir, as investors eye land in both the Kashmir and Jammu regions. Officials announced on Friday that the eagerly anticipated Jammu and Kashmir Private Industrial Estate Development Policy 2021-30 will be unveiled by mid-June. This comprehensive policy aims to spark unprecedented growth and development in the region’s industrial landscape.
The new guidelines, nearing completion, will initiate the registration process with the Director of Industries and Commerce Department, Jammu and Kashmir. This ambitious initiative plans to develop approximately 2,000 kanals (250 acres) of land annually through private industrial estates, a move that promises to transform the region’s economic fabric.
Meeting the Demand for Industrial Land…
According to informed sources, the Industry and Commerce Department has put forth several proposals and recommendations to streamline the policy, ensuring it aligns with the surging demand for industrial land from both domestic and international investors. Despite the strong interest, the availability of land has not kept pace with the burgeoning demand. Efforts are underway to develop new estates on thousands of kanals of state land, with the Bagthali Industrial Estate in Kathua being a notable example. Nevertheless, the gap between demand and availability has underscored the crucial role of private industrial estates.
Identified lands in Kathua, Ghagwal, Samba, and Jammu have been earmarked for this purpose. Investors have expressed interest in over 62,000 kanals of land across Jammu and Kashmir, with more than 34,000 kanals sought in the Jammu division and over 27,000 kanals in the Kashmir division. Investment proposals have soared to exceed Rs 99,000 crore.
Simplified Policy to Encourage Industrial Activity…
Dr. Arun Manhas, Director of Industries and Commerce Department, Jammu, emphasized that the new private industrial policy has been simplified to foster industrial activities within the private sector. This revamped policy, amended last February, permits any citizen of the state or country to develop industries and industrial estates on private land in Jammu and Kashmir, provided they own at least 40 kanals (five acres) of land.
The policy mandates proposals for a minimum of five units on the designated land, with no single unit exceeding 50 percent of the total area. It also offers 100% reimbursement of stamp duty on land purchases, land use change fees, and registration fees on land sale deeds. Applications will be reviewed within 30 days and forwarded to the concerned Divisional Commissioner for land-related approvals, ensuring a swift and efficient process.
Bridging the Gap: Public and Private Collaboration…
This strategic push aims to bridge the substantial gap between demand and availability, emphasizing the pivotal role of private industrial estates. With identified private lands in Kathua, Ghagwal, Samba, and Jammu, the government is poised to secure 6,000 to 8,000 kanals of private land in the Jammu division alone. This development promises a significant influx of industrial investment, boosting the region’s economic growth and creating new opportunities for local communities.
Looking Ahead: A Promising Future…
The impending release of the Jammu and Kashmir Private Industrial Estate Development Policy 2021-30 marks a watershed moment for the region. By fostering a conducive environment for industrial growth, the policy aims to transform Jammu and Kashmir into a thriving industrial hub. As the guidelines are set to be unveiled by mid-June, the anticipation is palpable, heralding a new era of prosperity and development.
In conclusion, the massive industrial push in Jammu and Kashmir’s private sector is not just a policy announcement but a strategic vision poised to reshape the region’s industrial landscape. With streamlined procedures, substantial incentives, and a commitment to meeting investor demand, Jammu and Kashmir stands on the brink of an industrial renaissance, promising a brighter, more prosperous future for all its citizens.
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