Proposals received from Samba, Kathua
Many more in pipeline, response encouraging
JAMMU, Aug 10: Due to encouraging response to the Industrial Development Scheme, the Government is almost exhausted of the State land after approval of Rs 38,080 crore worth projects and has now switched over to development of ‘Private Land Banks’ for attracting more investments in Jammu and Kashmir.
“Some proposals for development of private Industrial Estates have been received by the Department from Samba and Kathua districts while many more are in the pipeline. Response to develop ‘Private Land Banks’ for industrial development has been very encouraging,” official sources told the Excelsior.
The Government has fixed five acres land for development of private Industrial Estates and two acres for IT/ITes for housing IT units in flatted accommodation. They will be entitled to Capital Infrastructure Subsidy depending on the investments.
“The developers of ‘Private Land Banks’ will be entitled to incentives as per the Jammu and Kashmir Private Land Development Policy while the industrial houses investing there will get the benefits under the Industrial Development Scheme,” sources said, adding all districts are eligible for developing ‘Private Land Banks’.
Significantly, however, no formal proposal has so far come from Jammu district for development of ‘Private Land Bank’. But, there has been good response with Department receiving lot of queries on establishment of such banks for industrial investments.
The Government had earlier identified nearly 25,000 kanals worth Government Land Bank for industrial investments. With response very encouraging with national as well as international investors showing keen interest in investments in the Union Territory, the Government land is almost exhausted.
The Government has, hitherto, received Rs 56,000 crore worth investment proposals and it has approved the proposals to the tune of Rs 38,080 crore so far with Prime Minister Narendra Modi performing groundbreaking ceremony on April 24 during a massive public rally at Palli Panchayat in Samba district.
Many more companies were also reported to have approached the Jammu and Kashmir administration showing interest in investment in different sectors in the Union Territory.
There has been huge rush of investments in Jammu and Kashmir by the private players from the country as well as abroad. Several builders had also shown keen interest in investments here during a Summit organized in December last year.
Officials expressed confidence that with development of ‘Private Land Bank’, the Government will be in a position to accommodate more private investments in Jammu and Kashmir as there were reports that investments might touch Rs 75,000 crore shortly as many corporate houses are in touch with the administration for investing in different sectors in the Union Territory.
The administration, as per the sources, had allocated land to industrial houses in different areas depending on the investment proposals. Districts other than Jammu and Srinagar have also been adequately covered and will be given more investments in future to generate employment opportunities among the local youth.
After massive response to investment proposals following announcement of Industrial Development Scheme, the Government had last year announced launch of Jammu and Kashmir Private Industrial Estates Development Policy 2021-2030 under which efficient and transparent mechanism for development of industrial infrastructure in private sector will be developed in time-bound manner.
The Government had in December last year held prominent builders summit in Jammu in which the latter had promised investments running into thousands of crores. The Government proposed to hold similar summit in Srinagar.