Jammu- In a significant decision, the Jammu and Kashmir government on Wednesday approved the policy for promotion of foreign investment in the industrial sector in the Union Territory.
The decision was taken during the Administrative Council meeting held here under the chairmanship of the Lieutenant Governor, Manoj Sinha, an official spokesperson said Wednesday. LG’s Advisors Farooq Khan and Rajeev Rai Bhatnagar, Chief Secretary, Dr. Arun Kumar Mehta besides LG’s Principal Secretary Nitishwar Kumar attended the meeting.
According to the spokesperson, the new policy is based on the guiding framework on FDI issued by the Government of India through the RBI and DPIIT and will be valid for the next 10 years.
The policy, he said, aims to facilitate large foreign investments greater than Rs.100 crore with a minimum of 51% foreign stakes.
“The policy also provides 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/complexes, with plug and play facilities,” he said.
The spokesperson said that the land allotment process will be regulated by the J&K Industrial Land Allotment Policy, 2021-30, whilst, such units will also be eligible for benefits, incentives, and support under the Jammu and Kashmir Industrial Policy 2021-30 and New Central Sector Scheme for the industrial development of Jammu and Kashmir.
“For optimal utilization of land resources and to provide integrated services to multiple players, the policy also envisages the establishment of multipurpose complexes for foreign investment by developing IT tower projects through private players in Sempora, Pampore and Exhibition Ground, Jammu. These towers will house different business activities and will form a part of the ‘Industrial Complex for Foreign Investment’,” he added.