NEW DELHI: A Rs 28,000 crore industrial development initiative for Jammu & Kashmir is likely to be taken up for consideration and approval by the Union cabinet today.
The proposal, which has received necessary approvals from the ministry of finance and the department of promotion of industry and internal trade, seeks to put in place the first industrial policy for the Union Territory that will focus on facilitating investments in J&K across various sectors by earmarking government land for corporate houses to set up units and offering them a host of incentives.
TOI has learnt that the J&K industrial policy seeks to set up ‘clusters’ to ensure that all resources are available in one place for industries looking to set up manufacturing and processing plants as well as services sector units like IT parks. Among the industries that have evinced interest in J&K are IT companies like Wipro, food processing companies and automobile majors like Tata and Ashok Leyland that are already present in the UT.
“Until now, industry had shied away from investment in J&K as it was not allowed to buy land to set up units. The new industrial policy will seek to channelise investment into J&K across different sectors. This will bring economic development and help generate jobs in the private sector,” an official said.