Jammu & Kashmir State Administrative Council approved Industrial Policy-2016

Jammu & Kashmir State Administrative Council (JKSAC) under the chairmanship of Governor NN Vohra on 14 March 2016 approved the Industrial Policy-2016.

The aim of the Industrial Policy 2016 is to attract over 2000 crore rupees investment per annum and will be effective for next 10 years that is up to 31 March 2026.

The policy was formulated by the Industries and Commerce Department after thorough consultation with all the stakeholders.

Key Features of the Industrial Policy-2016

• It will enable creating business-friendly environment in the state through Ease of Doing Business which will facilitate the investors to establish Industrial Units and pave way for the establishment of mega units including that of Electronic City in the State.

• Apart from investment generation it also targets to create annually 15000 direct and indirect employment opportunities through upgradation and creation of infrastructure and establishment of new industries.

• It targets creation of land bank of 2500 acres across the state, zoning of districts in the state based on the extent and degree of industrial development in different districts, and supply of additional 150 Mw power every year.

• To set up an asset reconstruction company in partnership with J&K Bank was envisaged for the revival of sick industrial units.

• An investment facility cell was constituted at SIDCO and SICOP to facilitate the investors.

• Entrepreneurship and skill development fund was created for skill development of entrepreneurs.

• Environmental protection through setting up of green industries and adoption of green technologies were also incorporated in the Policy.

• The policy proposes setting up of industrial grievance forums to speedily sort out grievances and solve interdepartmental issues faced by entrepreneurs.

Now get latest Current Affairs on mobile, Download # 1 Current Affairs App