The Centre on Tuesday amended the Jammu and Kashmir Development Act, 1970 for setting up an industrial development corporation for rapid establishment, growth and development of industries in the union territory.
The amendment to the Act was made through a notification issued by the Ministry of Home Affairs, which inserted a new chapter in the law for setting up the Jammu and Kashmir Industrial Development Corporation.
According to the notification, the Jammu and Kashmir Industrial Development Corporation will be set up for the purposes of securing and assisting in the rapid and orderly establishment, and organisation of industries in industrial areas and industrial estates in the union territory.
It will also help in establishing commercial centres in connection with the establishment and organisation of such industries.
The corporation shall acquire and hold such property, both movable and immovable, for the performance of any of its activities, and to lease, sell, exchange or otherwise transfer any property held by it on such conditions as may be deemed proper, the notification stated.
It will establish and manage industrial estates, develop industrial areas and make them available for undertakings to establish themselves.