Centre’s announcement depends on MCC
IT Parks, Medi-cities, tourism major focus
Sanjeev Pargal
JAMMU, Nov 10: In a big step forward towards inviting investments in Jammu and Kashmir, the Union Finance Ministry headed by Nirmala Sitharaman has cleared the much-awaited Industrial Policy for the Union Territory which will now go to the Cabinet for formal approval which is expected shortly depending on the clearance of the State Election Commissioner (SEC) as the UT is under Model Code of Conduct (MCC) in view of ongoing elections to the District Development Councils (DDCs).
Official sources told the Excelsior that the Union Territory Government after finalizing the Industrial Policy for Jammu and Kashmir had submitted it to the Union Finance Ministry for approval. The Industrial Policy was drafted by the top bureaucrats of the Industries and Commerce Department in association with related Departments and taking into account the view point of experts.
“The Industrial Policy has been cleared by the Finance Ministry after incorporating certain suggestions. The Policy will now go before the Union Cabinet headed by Prime Minister Narendra Modi. Following clearance by the Cabinet, it will be notified,’’ sources said.
Sources, however, said, the final announcement of the Industrial Policy will depend on the State Election Commissioner.
“If the Industrial Policy falls within the purview of the Model Code of Conduct which is in force in Jammu and Kashmir due to ongoing election process of the District Development Councils, the third tier of Panchayats, it might be announced by the end of December when the election process will be over. However, if it doesn’t fall within the ambit of Model Code of Conduct, it can be announced even earlier,’’ sources said.
Sources said the building of Industrial Estates, IT Parks, Medi-cities, tourism sector are among few highlights of the Industrial Policy which will be a comprehensive one aimed at attracting large scale investments in Jammu and Kashmir to make it an industrial hub.
“Ease of doing business” is going to be the main focus of the Industrial Policy, they added.
The Government, it may be mentioned, has already identified 6000 acre land for development of industry in Jammu and Kashmir, of which, 3000 acre has already been transferred to the Industry and Commerce Department while another 3000 acre is pending No Objection from the Forest Department.
The Government proposed to attract large-scale investments in Jammu and Kashmir with the launch of Industrial Policy especially after abrogation of special status of Jammu and Kashmir on August 5, 2019 and bifurcation of the erstwhile State into two Union Territories of J&K and Ladakh.
“Once the Industrial Policy is out in the public, we hope the industry will find it quite favourable and come to the Union Territory for investments which, in turn, will lead to creation of large-scale job opportunities,’’ sources said, adding the unemployed youth will benefit a lot from it.
Initially, the expansion of Industrial Estates or creation of the new ones are proposed by the Jammu and Kashmir Government in Jammu, Kathua, Udhampur, Samba, Rajouri and Poonch districts of Jammu region and Srinagar, Baramulla, Budgam, Pulwama and Anantnag districts of Kashmir division. Rest of the districts will be taken up later.
Sources confirmed that a number of big industrial houses are still in touch with the Industries and Commerce Department for investment purposes and negotiations with them are on. Hopefully, the outcome is going to be favourable for Jammu and Kashmir very soon, they said.
Sources said nearly 20 percent of business houses among those who had shown keen interest for investments in Jammu and Kashmir during roadshows by the Union Territory Government officials in various States before Coronavirus pandemic broke out, are still in touch with the Industry and Commerce Department and the names include some big houses who planned to invest here.
The Government is confident that more business houses will line-up when the pandemic further eases as the industry is passing through bad phase because of COVID-19.
As far as the Global Investors Summit which was planned for April this year is concerned, sources said the Government is waiting for conducive atmosphere to decide fresh dates especially after virus is further eased.
The Summit was deferred after pandemic spread in March.
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