Looking to attract investors into the Union Territory, the Jammu and Kashmir (J&K) administration is working on an Industrial Promotion Policy 2020 in consultation with the Central government, which is set to be made public over the next few weeks.
In the presentation to industry players, J&K Lieutenant Governor (LG) GC Murmu on Monday said the policy will incorporate elements including UTGST reimbursement in full, an attractive land policy, exemption from stamp duty, a capital investment subsidy and other benefits. These will be in addition to the incentives to be provided by the Centre through a special Jammu and Kashmir Industrial Development Scheme which is already in place and is being revamped. It already provides for capital subsidy, CGST reimbursement and transport subsidy.
Murmu told the business community that the abrogation of erstwhile state’s special status has removed all “artificial barriers” which will help make it an “economic paradise” for investors.
The J&K administration organised a first-of-its-kind pre-summit investors’ meet here, inviting investments from across the world by highlighting the union territory’s untapped potential.
Speaking at the event, Murmu said, “We intend to take a leap forward in making Jammu & Kashmir an economic paradise for investors and I would like to invite you all to take the lead in setting up your enterprises in the union territory.” He spoke about the situation that prevailed before the state was converted into a Union Territory and said investments were flowing into the state but the previous governments were not able to catch up with the investments. “The former state was lagging behind,” Murmu added.
He said many apprehensions have been expressed about the situation after August 5, the day when the Centre revoked provisions of Article 370 of the Constitution and bifurcated the state of J&K into two union territories.
The Lieutenant Governor said he was sure that they would be able to meet expectations as many issues were sorted after re-processing of the constitutional system, including single window clearance system and number of investor friendly policies.
After addressing the domicile issue and keeping the local employment in mind, all the “artificial barriers” created in the past because of the special status have been removed and now all the laws enacted by the central government are applicable to the UT as well, Murmu said.
He asked investors to come and see the change for themselves saying “seeing is believing” and there are no restrictions anywhere. The situation is “abnormal for militants only now”, he said.
The event, a curtain-raiser to the three-day Global Investors’ Summit to be held in Srinagar and Jammu this year, showcased policy and regulatory environment, investment opportunities in 14 focus sectors. —WITH PTI
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