Srinagar, Jun 07: Preparations are being made to give a big push to the private sector by sparking an ‘industrial revolution’ in Jammu and Kashmir. The investors are seeking land in both the valley and the plains of Jammu, reports quoting official sources said Friday.
The Jammu and Kashmir Private Industrial Estate Development Policy 2021-30 is expected to be released by mid-June. As per the sources, once these guidelines are released, the registration process will commence with the Director of Industries and Commerce Department, Jammu and Kashmir.
This initiative aims to establish new industrial estates on private land, with a target to develop approximately 2,000 kanals (250 acres) of land annually through private industrial estates.
According to sources, the guidelines for the private industrial estate development policy are in the final stages of preparation. The Industry and Commerce Department has provided several proposals and recommendations to simplify the policy, ensuring it meets the rising demand for industrial land from investors in Jammu and Kashmir, reported news agency KNO.
Despite significant interest from both domestic and international investors in the industrial sector of Jammu and Kashmir, the availability of land has not kept pace with demand. Efforts are being made to develop new estates on thousands of kanals of state land, most notably in the Bagthali Industrial Estate of Kathua.
However, due to the substantial gap between demand and availability, private industrial estates will play an increasingly important role. Private lands have been identified in Kathua, Ghagwal, Samba, and Jammu.
Sources say that investors have demanded over 62,000 kanals of land in Jammu and Kashmir, with more than 34,000 kanals sought in the Jammu division and over 27,000 kanals in the Kashmir division.
The proposals for investment exceed Rs 99,000 crore. The Industries Department expects to secure 6,000 to 8,000 kanals of private land in the Jammu division, primarily in Kathua, Ghagwal, Samba, and Jammu.
Dr. Arun Manhas, Director of Industries and Commerce Department, Jammu said that the new private industrial policy has been simplified to promote industrial activities in the private sector.
The Jammu and Kashmir Private Industrial Estate Development Policy was amended last February, though the guidelines are yet to be issued. Under this policy, any citizen of the state or country can develop industry and industrial estates on private land in Jammu and Kashmir, provided they possess 40 kanals (five acres) or more land.
The policy stipulates that there should be proposals for at least five units on the minimum land, with no single unit exceeding 50 percent of the total land. Additionally, the policy provides for 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 sent to the concerned Divisional Commissioner for land-related approvals.