Foreign Investment-JK Policy for Promotion of FI in Industrial Sector in JK- 2022 approved
Jammu/IBNS: The Administrative Council (AC) which met under the chairmanship of the Lieutenant Governor, Manoj Sinha on Wednesday approved the Policy for Promotion of Foreign Investment in the industrial sector in Jammu and Kashmir 2022.
The new policy is based on the guiding framework on FDI issued by the Government of India through the RBI and DPIIT and will be valid for the next 10 years.
Farooq Khan and Rajeev Rai Bhatnagar, Advisors to the Lieutenant Governor, Dr Arun Kumar Mehta, Chief Secretary for J&K, and Nitishwar Kumar, Principal Secretary to the Lieutenant Governor, attended the meeting.
The fresh policy aims to facilitate foreign investments greater than Rs 100 crore with a minimum of 51 percent foreign stakes.
The policy also provides for identifying parcels of land in various industrial estates to be given exclusively to industries with foreign investments including vertical rise premises in the form of multi-purpose buildings and complexes, with plug and play facilities.
The land allotment process will be regulated by the J&K Industrial Land Allotment Policy, 2021-30, whilst, such units will also be eligible for benefits, incentives, and support under the J&K Industrial Policy 2021-30 and New Central Sector Scheme.
For optimal utilisation of land resources and to provide integrated services to multiple players, the policy also envisages the establishment of multipurpose complexes for foreign investment by developing IT tower projects through private players in Sempora, Pampore and Exhibition Ground, Jammu.
These towers will house different business activities and will form a part of the ‘Industrial Complex for Foreign Investment’.
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