J&K to get comprehensive industrial policy for attracting investments: Centre

Union Minister of State for Commerce and Industries Som Prakash on Wednesday said the Centre would soon announce a comprehensive industrial policy for Union Territory of Jammu and Kashmir (J&K) to attract investments to the region.

The minister was interacting with local industrialists and representatives of traders' associations here.

"The policy would satisfy all the stakeholders and provide a level playing field for growth of industry. Central government will extend all help to local industrialists to enable them to flourish and compete with other competitors by providing them level field," Prakash said.

He said the people of J&K have strong will and determination to progress with the rest of the country.

"Due to several political and economic barriers, the people in the region, including industrialists, were deprived of avenues for growth and fast paced development," he said.

The interactive session was also attended by Jammu and Kashmir Industry and Commerce Secretary M K Dwivedi, Industries and Commerce, Jammu Director Anoo Malhotra, managing directors of PSUs (corporations) and other concerned officers.

On the occasion, the industrialists highlighted several issues and sought minister's intervention for redressal, an official spokesman said.

He said the industrialists informed the minister that the Industrial Development Scheme (IDS) for J&K will end by March 31 this year and demanded its extension for next 15 years.

They also said that there is a shortage of land bank in J&K and demanded creation of Special Economic Zones and Special Investment Regions like food parks and technology parks.

They also took up other issues including freight subsidy for transportation, 24*7 power supply to industrial areas, extension of 50 per cent capital investment subsidy for captive power projects, introduction of self credit scheme and insurance cover, the spokesman said, adding that the minister assured industrialists that all the issues flagged by them would be given due consideration by the government and subsequently redressed.

Dwivedi also informed the minister that capping of incentives under IDS-2017 scheme needs to either be reviewed or removed for the larger benefit of industry in J&K.

The meeting discussed issues specific to pharmacy, walnut, carpet, the spokesman said.

There are 25,735 micro, small and medium enterprises (MSMEs) registered in J&K with Rs 8,208 crore investment. They provide employment to 1,62,084 persons.

There are 64 large scale units in the region with Rs 12,146 crore investment, providing employment to 18,310 persons.