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Aiming to attract over Rs 2,000 crore investment every year, the Jammu and Kashmir government on Monday approved a new industrial policy for the next ten years.
"The State Administrative Council, which met here today under the chairmanship of Governor N N Vohra, approved the Industrial Policy-2016 formulated by the industries and commerce department," an official spokesman said.
He said the policy will remain effective up to March 31, 2026.
The new policy has been formulated after thorough discussion with all the stakeholders and having concurrence of the finance, planning and development, power development, forest and law, justice and parliamentary affairs departments, he said.
He said that on the instructions of the governor, most forward looking steps have been incorporated in the new policy to ensure ease of doing business and to achieve the targets of Make in India programme.
A procedure has been laid out in the "ease of doing business" for registration of industrial units within a time-bound manner through e-governance interface.
"This includes online processing of business proposals, self certification, establishment of green corridor at Lakhanpur, delegation of powers and time bound clearances from other departments, including power development department and State Pollution Control Board," he said.
The new policy will enable creating business-friendly environment in the state through ease of doing business, which will facilitate the investors to establish industrial units and pave way for the establishment of mega units, including that of 'Electronic City' in the state, he said.
The policy targets to attract an investment of over Rs 2,000 crore per annum and create annually 15,000 direct and indirect employment opportunities through upgradation and creation of infrastructure and establishment of new industries.
It also targets creation of land bank of 2,500 acres across the state, zoning of districts in the state based on the extent and degree of industrial development in different districts, and supply of additional 150 Mw power every year, he said.
For the revival of sick industrial units, setting up of an "asset reconstruction company" in partnership with J&K Bank has been envisaged.
To facilitate the investors, an investment facility cell has been constituted at SIDCO and SICOP.
"Entrepreneurship and skill development fund has been created for skill development of entrepreneurs. Environmental protection through setting up of green industries and adoption of green technologies has been incorporated in the Policy," he said.
He said the policy proposes setting up of industrial grievance forums to speedily sort out grievances and solve interdepartmental issues faced by entrepreneurs.
