AC extends benefits under Pvt Industrial Estate Development Policy to stakeholders

Jammu, Jan 19: The Administrative Council (AC) which met here under the chairmanship of Lieutenant Governor, Manoj Sinha gave its approval to the amendments in Jammu and Kashmir Private Industrial Estate Development Policy, 2021-30 to offer a fair opportunity to genuine private developers to play their role in the creation of industry related infrastructure to attract more investment for employment generation.

It also approved the transfer of state land measuring 2183 kanal and 14 marlas situated at village Gandyal, Majra, Bhagthali and Taraf Manjli, tehsil and district Kathua in favour of Industries and Commerce Department for establishment of Industrial Estate there.

The Jammu and Kashmir Private Industrial Estate Development Policy, 2021-30 envisages incentives in the form of reimbursement of 100 percent ‘stamp duty’ on the purchase of land, reimbursement of 100% of ‘Change of Land Use (CLU) Charges’ and 100 percent reimbursement of ‘Registration Charges’ on the sale deed.

The same is going to provide a level playing field to genuine private developers and upcoming unit holders in such estates in comparison to incentives given to unit holders allotted land in government-run Industrial Estates (IE).

Besides, it would improve the business environment in J&K.

Approximately 2000 kanal (250 acres) of land shall be developed per year through private industrial estates. Timelines for the issuance of documents by the revenue authorities and notification of procedural guidelines for reimbursement of incentives have been incorporated into this policy.

In such private industrial estates where government land is involved, the allotment of said land would be subject to terms and conditions mentioned in the J&K Industrial Land Allotment Policy 2021-30.

Meanwhile, the establishment of an industrial estate in the Kathua district would play an important role in the development of the area, and create various employment opportunities which shall be in the interest of the public and the government.

The industry sector has been declared as the main vehicle for accelerating economic activity besides employing educated unemployed youths.

The development of industrial infrastructures has been the focus of special attention during the last few years. From the perspective of industrial growth, the Industries and Commerce Department has been established with a system for carrying out its activities effectively to attract investment in J&K.

More than 31,000 kanals of state and Shamilat land has been transferred to the Industries and Commerce Department with effect from October 31, 2019, till date for setting up of industrial estates in J&K.

Advisor to LG, Rajeev Rai Bhatnagar; Chief Secretary Atal Dulloo; and Principal Secretary to LG Mandeep Kumar Bhandari also attended the meeting.