February 29, 2024
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Jammu & Kashmir amends industrial development policy to provide incentives to private industrial cluster

The Jammu and Kashmir administration has modified its industrial development policy to provide various benefits to private enterprises interested in establishing new industrial clusters in the Union Territory. Under the updated policy, private developers and upcoming industrial clusters will enjoy advantages such as a full reimbursement of stamp duty on land purchases, change of land use charges, and registration charges.

The amendments to the Jammu and Kashmir Private Industrial Estate Development Policy (PIEDP), 2021-30, were endorsed by the Administrative Council (AC) led by Lieutenant Governor Manoj Sinha. The meeting, which took place on Thursday, included key officials such as Advisor Rajeev Rai Bhatnagar and Chief Secretary Atal Dulloo.

This initiative aims to create a level playing field for private developers and potential unit holders within these estates by providing comparable incentives to those operating in government-owned industrial estates, according to an official spokesperson. The government’s goal is to develop around 2,000 kanals (250 acres) of land through private industrial estates.

The policy delineates specific timelines for document issuance by revenue authorities and procedural guidelines for the reimbursement of incentives. In cases where government land is involved in private industrial estates, the land allotment will adhere to the terms and conditions specified in the J&K Industrial Land Allotment Policy 2021-30, the spokesperson added.

Picture Courtesy: Google/images are subject to copyright

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