Through New Industrial Policy Jammu and Kashmir Opened To International Investment
A new industrial policy, has come into effect on April 1 for the UT of Jammu and Kashmir. As per this new policy, all industrial units coming into commercial production from April 1 as well as the existing units undertaking substantial expansion, shall be entitled for incentives while the existing units eligible for incentives under the erstwhile Industrial Policy 2016 shall be allowed to avail the same under the old policy till March 31, 2026. The news was reported even by the Saudi Gazette.
This industrial policy will open the UT of Jammu and Kashmir to the world after the abrogation of the special status of the state and its division into two union territories – Jammu and Kashmir and Ladakh on August 5, 2019.
The ‘New Industrial Policy 2021-30’ was unveiled in April this year by the government of J-K. It has provided further impetus to the sector, opening up the region to the world.
The New Policy has been promulgated in Jammu and Kashmir. The Federation Chamber of Industries Kashmir (FCIK) — an amalgam of top-notch industrialists in the Valley — while welcoming the new policy stated that it has infused hope among the entrepreneurs.
“The new industrial policy has included various new sectors in the positive list and focus sector. It has been expanded, includes tourism, hospitality, health, education, renewable energy, etc in addition to subsidy on gen-set to the tune of 45 lakhs and 60 per cent on pollution devices. The 30 per cent subsidy on quality certificates and automation also 50 per cent subsidy on green environment protection initiative has been provided,” said, FCIK President Shahid Kamili.
The FCIK President appreciated the government for fixing a timeline of approval of cases at different levels. “This reflects the seriousness of the government in reviving industry in J-K. The turnover-based incentives and SGST reimbursement will ensure accountability and promote genuine entrepreneurs,” he added.
