Tribune News Service
Jammu, August 19
In a bid to attract investors, the Jammu and Kashmir’s Industries and Commerce Department has allocated a land-bank of over 6,000 acres for creating modern age industrial estates “to help the business grow in identified sectors”.
The move follows the decision of the Administrative Council headed by Lt Governor Manoj Sinha for the transfer of UT lands, measuring nearly 10,000 kanal, in favour of the Industries and Commerce Department for establishing 37 new industrial estates.
“This is the part of the UT Administration’s effort to create an industry-friendly environment where the investors can explore, invest, grow and brand J&K at the national level,” said a source.
“The last industrial estate was established in the Ghatti area of Kathua district,” the source added.
Sources said the identified areas where new industrial estates were being proposed to be established, would witness a boost in the “local economy, generation of employment opportunities and overall development of the area”.
Stakeholders, however, said there was a need for a comprehensive proposal to make the upcoming industrial estates as “vibrant centres of industrial activities”.
“The identified areas don’t have proper road connectivity which will be a major obstacle in transportation of raw material and finished products. Secondly, the power supply would be a major issue. The government should have identified the lands adjacent to existing industrial estates where road connectivity and power supply are available,” said industrialist Annil Suri.
Meanwhile, J&K Administration, in order to woo manufacturer and service sector unitholders, has announced various incentives and attractive subsidies for supporting the business environment and promoting a socio-economic plan in the region.
Under the scheme, the Administration has announced various subsidies for manufacturing and service sector units. Sources said: “30-40 per cent subsidy on purchase of plant and machinery, reimbursement of 3-5 per cent interest charged on working capital for a period of five years, insurance subsidy and 100 per cent subsidy on purchase of DG sets are among other benefits to people in manufacturing and service sector units.”
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