Home Minister reviews J&K industrial, jobs situation with LG Sinha; incentives for private land banks on anvil

21 July 2023

Follow Ziraat Times on Whatsapp - Join Now

New Delhi, July 21: The union government has decided to develop private land banks in Jammu and Kashmir to boost industrial investments and provide industrial incentives there at par with the state-managed industrial estates.

This was decided at the Apex Committee meeting chaired by Union Home Minister Amit Shah on Thursday in New Delhi to review the Central Sector Scheme for Industrial Development of Jammu and Kashmir. The meeting was attended by Lieutenant Governor Manoj Sinha, Chief Secretary Dr Arun Kumar Mehta, Commissioner/Secretary Industries & Commerce Vikramjit Singh, and other top officials of the Jammu and Kashmir government and the Ministry of Home Affairs.

Official told Ziraat Times that the Government is likely to enhance limit of investments under Capital Investment Incentive for the health sector. Moreover, steps to bring more investments from abroad were also discussed.

According to officials privy to the meeting, the government has finalised the guidelines for the development of private land banks, under which they will be entitled to capital infrastructure subsidy depending on the investments. The developers of private land banks will also be entitled to incentives as per the Jammu and Kashmir Private Land Development Policy.

According to the officials, all districts in Jammu and Kashmir are eligible for developing private land banks. The government expects that the development of private land banks will help to attract more private investments in Jammu & Kashmir.

“We have already identified nearly 25,000 kanals worth of government land for industrial investments. However, with the response to the new scheme being so overwhelming, the government land was almost exhausted. The development of private land banks will help to address this shortage of land and will enable the government to accommodate more private investments in Jammu and Kashmir”, an official told Ziraat Times.

With this move, planners expect that the development of private land banks will help to boost industrial investments in Jammu and Kashmir and create employment opportunities for the youth in the Union Territory.

The Apex Committee meeting had also discussed a number of issues related to the promotion of industrial investments in the UT, including the enhancement of the limit of investments under Capital Investment Incentive for Health Sector, permitting phase-wise investment by the industrial units under NCSS, and clarification regarding Freight, Demurrage and Inclusion/Exclusion of Taxes and Duties, officials said.

Government of Jammu and Kashmir has already receiving investment proposals for worth more than Rs 70,000 crore after the launch of the new Industrial Development Scheme, it was disclosed at the meeting.

About the Central Sector Scheme for Industrial Development of Jammu and Kashmir:

The Central Sector Scheme for Industrial Development of Jammu and Kashmir was launched in 2021. The scheme aims to promote industrial investments in the UT by providing a number of incentives to investors. The incentives under the scheme include capital investment incentive, capital interest subvention, subsidy on capital investment, and freight subsidy.

The scheme is open to all sectors of industry, including manufacturing, services, and tourism. The minimum investment under the scheme is Rs 10 crore.