Omar directs for early formulation of new industrial policy

Jammu and Kashmir Chief Minister Omar Abdullah today directed for early formulation of the new industrial policy and refund of Value Added Tax (VAT) to the industrialists in the state.
"The new industrial policy should be formulated and notified early so that it comes into force form the binging of the next year," Omar said chairing the 5th State Industrial Advisory Committee (SIAC) meeting here.
He said package for industrial backward areas should be incorporated as part of the new industrial policy and also directed for early refund of VAT to the industrialists.
The Chief Minister underlined the need for encouraging young local entrepreneurs to invest in the feasible industrial and handicrafts sectors promising greater economic prospects for them and huge employment opportunities for youth.

"Incentives as provided under the State and the Central Industrial Policies should easily accrue to the local industrialists and budding entrepreneurs so that they could expand their industries and launch new ones," Omar said chairing the 5th State Industrial Advisory Committee (SIAC) meeting here.
He said holistic industrial development is imperative for all round development of the State and generation of wide-ranging economic activities for both skilled and unskilled human resource.
The Chief Minister was given detailed account of the functioning of Industries and Commerce Department and the policy it is pursing to strengthen the sectors of industries and handicrafts in the State which are responsible for providing livelihood to more than five lakh people, an official spokesman said.

The spokesman said the meeting was among others attended by Minister of State for Industries and Commerce Sajjad Ahmad Kitchloo, Chief Secretary M I Khandey, Economic Advisor to government Jaleel Ahmad Khan, Financial Commissioner Industries and Commerce Khursheed Ahmad Ganai and Principal Secretaries B R Sharma and B B Vyas.