JOIN USJammu & Kashmir to develop ‘private land banks’ to attract more outside investment
As the Industrial Development Scheme launched by the Center for Jammu and Kashmir last year has generated overwhelming response from outside investors, the Union Territory government is switching to develop ‘private land banks’ to attract more investment.
Official sources said proposals for development of private Industrial Estates have been received by the Industries Department from Samba and Kathua districts of Jammu region while many more are in the pipeline.
“Response to develop ‘private land banks’ for industrial development has been encouraging,” they said.
The government of India had launched the Industrial Development Scheme in J&K on January 6, 2021, which was to the tune of Rs 28,400 crore and was expected to generate 4.5 lakh to 5 lakh jobs for the youth in the private sector.
However, as per officials, the scheme received response much beyond expectations of both Union as well as UT governments and investment proposals have already reached Rs 56,000 crore while more are in the pipeline.
The government has fixed five acres land for development of private Industrial Estates and two acres for IT/ITes for housing IT units in flatted accommodation. They will be entitled to capital infrastructure subsidy depending on the investments.
A senior officer of the Industries Department said earlier the government had identified nearly 3125 acres of state land bank for industrial investments. “However, as national as well as international investors have been showing keen interest in investments in the UT, the land is almost exhausted,” he said.
The officer said the developers of ‘private land banks’ will be entitled to incentives as per the Jammu and Kashmir Private Land Development Policy.
“The industrial houses investing there will get the benefits under the Industrial Development Scheme. With the development of new estates, the government will be in a position to accommodate more private investments which might touch Rs 75,000 crore shortly,” he said and added all districts are eligible for developing ‘private land banks’.
The Industrial Development Scheme-2021 aims to give fresh thrust to industry and services led development of J&K with emphasis on job creation, skill development and sustainable development by attracting new investment and nurturing the existing one, The scheme is for the duration of 2021-22 to 2036-37.