To be effective from May 1
All existing eligible for incentivesÂ
Srinagar, April 21:Â JK government has accorded sanction for the adoption of the Industrial Policy 2021-30 for the implementation with effect form 1 May 2021.Â
A government order 117-IND of 2021 in this regard issued by Principal Secretary Industries and CommerceÂ Department Ranjan Prakash Thakur makes all industrial units, coming into industrial production from the date of implementation of this policy, entitled to avail incentives as provided in the fresh industrial policy 2021.Â
Further, all the existing units and existing units undertaking substantial expansion shall be entitled to incentives provided in the policy, reader the order.Â
It further states that existing units eligible for incentives under erstwhile Industrial Policy 2016 shall be allowed to avail the benefits under the Industrial policy 2016 till 31 March 2026.Â
Notably, the J&K announced its first industrial policy in 1995 substituted by another policy in 1998. However, comprehensive policy was announced in the year 2004 and later in the year 2016
Jammu and Kashmir unveiled new Industrial Policy 2021 to attract investments, increase the employment generation and register development of the region,
The policy is aiming at the position of Jammu and Kashmir as an aspiring investment development in India in the next 10 years.
The policy which was unveiled on April 17, 2021 to the public domain will facilitate access to quicker and affordable credit to industries.
Reputed industrial houses and potential investors from within and outside the UT to promote Jammu and Kashmir as an ideal investment destination will also be invited,â€ read the vision of the policy.
Â â€œOrganizing road shows and expos for creating backward and forward linkage for industries within and outside Jammu and Kashmir via the department of Industries and Commerce trade promotion wing JKTPO who will work in collaboration with industrial association like FICCI, ASSOCHAM,CII, PHD Chamber of commerce and industry etc for promotion of industrial investment of Jammu and Kashmir,â€ reads the order.
The special focus on development of infrastructure through public private partnership, reads the policy.
As per the policy the entrepreneurs will be provided with best infrastructure amenities such as interior roads, street lighting, solid waste management, sewerage systems, warehouses, parking facilities, sewerage treatment plants, and effluent treatment facilities in industrial.
â€œSuitable steps shall be taken for establishment of inland container depot/Rail Freight Corridors/MMLPs,â€ reads the order.
According to the vision of the policy the copy of which lies with the Rising Kashmir, the government is aiming to transform UT from an aspirational to an industrialized territory and unlocking its potential through convergence and collaboration.
It states that the industrial policy framework will be driven by the slogan â€œJammu and Kashmir-- tradition, growth and transformation.â€ Â
It further reads that the policy intends to provide a regulatory environment within a supportive framework of ease of doing business.
The industrial policy envisages betterment of traditional core sectors including agriculture and allied sectors , food processing, tourism , handicrafts and handlooms, health, education etc. as well as new age technology driven sectors like Pharmaceuticals, IT/ITes, Skill development etc. leading to economic vibrancy and human resource development dividends for the high potential union territory of Jammu and Kashmir.
Â â€œThe government shall be a facilitator, partner, provider, collaborator and promoter,â€ reads the policy.
Benefits of industrialization should reach marginal and socially disadvantaged sections of Jammu and Kashmir and will also provide assistance to MSME and large units and will have more emphasis on Zero effect-Zero defect productivity.
Â â€œThe focus is on industrial investments in the UT to spur the manufacturing momentum and create new employment opportunities and also promote ancillarization and cluster development approach to attain optimum utilization of resources across the Jammu and Kashmir,â€ reads the order.
It reads the ease of doing business and creation of a conducive business environment by ensuring service delivery in a time bound manner digitally and identifying sector strengths of each region and further promoting sector specific parks.
The policy is also aiming at leveraging Government of India grant for the projects of national importance, Creation of critical infrastructure fund for last mile connectivity and creation of private industrial parks and extension of infrastructural support.
Â â€œThe government will ensure regular and adequate supply of power to the industrial estates, parks and growth centres,â€ the order states.
The order states promoting labour incentive industries, special fiscal incentives to industrial units in under-developed regions and supporting the revival of sick and closed units will promote balanced and inclusive industrial growth.