Govt approves policy for promotion of Foreign Investment in Industrial sector

JAMMU: The Administrative Council (AC) which met here under the chairmanship of the Lieutenant Governor, Manoj Sinha, 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. It aims to facilitate large foreign investments greater than Rs.100 Cr with a minimum of 51% 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/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 Jammu and Kashmir Industrial Policy 2021-30 and New Central Sector Scheme for the industrial development of Jammu and Kashmir.
For optimal utilization 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’.
The AC also approved the proposal of Revenue Department to transfer various parcels of land for public purposes.
The Administrative Council approved the transfer of land measuring 63 Kanal 04 Marla in favour of Higher Education Department for construction of a new Government Degree College in village Firsal, District Kulgam.
The decision aims to provide quality higher education opportunities to students of the region and boost employment of teaching and non-teaching staff through various recruiting agencies.
Moreover, approval was given to the transfer of land measuring 02 kanal and 05 Marla in favour of Health & Medical Education Department for construction of a health centre at Jawaharpora in District Pulwama. Once completed, the institution will provide modern medical facilities to the people of the area.
The Administrative Council further approved the transfer of land measuring 05 Kanal in favour of Revenue Department for construction of a police post at Newa at village Malawari, District Pulwama. The new police post in the local area will keep a check on illegal activities, security-related incidents, and will allow the police to respond to any law and order situation and natural disaster in a timely manner.
Another parcel of land measuring 148 Kanal situated in village Dambra, Tehsil Mahanpur, District Kathua was transferred in favour of Prisons Department for construction of High Security Prison in the district along with the transfer of State land measuring 160 Kanal 04 Marla under situated at village Dambra, Tehsil Mahanpur, District Kathua as Shamlat Deh (Mehfooz Kahcharai) in lieu of the land proposed for High Security Prison.
The construction of High Security Prison for lodging treasonous and insurgent criminals aims at meeting the security requirements of the region and strengthening the national security.
Farooq Khan and Rajeev Rai Bhatnagar, Advisors to the Lieutenant Governor, Dr. Arun Kumar Mehta, Chief Secretary, J&K, and Nitishwar Kumar, Principal Secretary to the Lieutenant Governor attended the meeting.