Policy on foreign investment in J&K okayed

Jammu, February 23

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The Administrative Council (AC), which met in Jammu under the chairmanship of Lieutenant Governor Manoj Sinha, today approved the policy on promotion of foreign investment in the industrial sector in J&K.

The new policy is based on the guiding framework on FDI issued by the Central Government through the RBI and the DPIIT and will be valid for the next 10 years. “It aims to facilitate foreign investments higher than Rs 100 crore with a minimum of 51% foreign stakes,” an official spokesperson of J&K said.

The spokesperson further said the policy would provide for identifying parcels of land in various industrial estates to be given exclusively to industries with foreign investments, including vertical rise premises in the form of multi-purpose buildings, with plug and play facilities.

Meanwhile, the council also approved the proposal of the Revenue Department to transfer various parcels of land for public purposes.

Transfer of 63-kanal land in favour of Higher Education Department for construction of a new Government Degree College in Kulgam. —