New Industrial Land Policy promises business boom in J&K

Srinagar, Aug 7: The Industries and Commerce Department Wednesday ordered the adoption of an amended version of the Jammu and Kashmir Industrial Land Allotment Policy, 2021-30, following the approval from the Administrative Council.

The order, issued by Commissioner Secretary Vikramjit Singh, said, “Previous orders, if any issued, which are inconsistent with this policy shall stand superseded by this order to the effect of inconsistency.”

The Administrative Council chaired by Lieutenant Governor Manoj Sinha last month greenlit the amendments to enhance the existing policy’s effectiveness.

These changes incorporate stakeholder feedback and aim to simplify processes and improve efficiency in land allotments.

Key amendments include periodic revision of lease premiums, wider publicity for applications, competitive merit-based land allotment, and sector-specific evaluation criteria.

In a bold move to attract significant investments, the government may now allot land on a preferential basis to mega projects in the industrial or service sector with a minimum capital investment of Rs 4000 crore, excluding land and working capital.

As per the policy document, this provision is expected to have “strategic importance to the economy of J&K.”

The vision of the amended policy focuses on developing “a fair and transparent mechanism for land allotment for industrial use including education and health sector.”

The annexure of the government order states, “This is envisaged with a vision to achieve inclusive growth and bring economic prosperity through sustainable industrialization and employment generation.”

The policy aims to transform the regional economy “from a land-constrained one to a receptive industrial investment destination in tune with the national policies.”

It recognises that “land availability has therefore a pivotal role in industrial growth which, inter alia, has a bearing on integrating the regional economy with national and global economies.”

As per the order, the vision of the amended policy is aimed at evolving a fair and transparent mechanism for land allotment for industrial use including education and health sector.

“This is envisaged with a vision to achieve inclusive growth and bring economic prosperity through sustainable industrialisation and employment generation,” reads the annexure of the government order.

It says that the policy vision has to augment the industrially viable land into a highly structured industrial land bank readily available for allotment to genuine entrepreneurs that would transform the regional economy from a land-constrained one to a receptive industrial investment destination in tune with the national policies.

It says that the mission of the Land Allotment Policy was not an end in itself but a means of achieving a higher level of welfare for the society.

“Land availability has therefore a pivotal role in industrial growth which, inter alia, has a bearing on integrating the regional economy with national and global economies. The Jammu and Kashmir Industrial Land Policy 2021 provides a framework which will attract and realize national and international investments,” it reads.

It reads that the mission of the trade sector was to stimulate the development and industrial growth through enhancing competitiveness by keeping available state-of-the-art land bank to the entrepreneurs, aiming to facilitate rapid industrialisation besides creating an enabling ecosystem to upscale economic development and create employment opportunities besides ensuring sustainable development and balanced growth of industry to make J&K one of the preferred destinations for investment.

The objective of the amended policy is to provide an efficient and transparent mechanism for industrial land allotment in a time-bound manner and to encourage, promote, and facilitate more investment in enterprises and build a strong, responsive and vibrant business environment in the region.

“The objective is to create employment opportunities for the unemployed youth and to enable an environment of Ease of Doing Business which is by creating of a conducive industrial environment,” it reads.

It states that the objective of the policy was to move more speedily towards the transformation of its role from “regulator” to “facilitator” and from performer to enabler for the industrial sector.

The policy would remain in operation for 10 years from the date of its adoption.

“However, the policy will be reviewed from time to time based on a critical assessment of feedback from stakeholders, and change in scope that is regarded necessary,” it reads.