No stamp duty, no court fee: Govt doles out sops for corporates to invest in J&K

Srinagar: Jammu and Kashmir government has decided to exempt new investors from paying stamp duty and court fee in a bid to make union territory an aspiring investment destination in next 10 years.

According to the Industrial Policy 2021, subsidy will also be given on procurement of quality automation, and pollution control devices

“The Ease of Doing Business will be facilitated under Jammu and Kashmir Single Window (industrial investments and business facilitation) Act 2018 for investor friendly environment,” said the policy.

The government has identified 16 focus sectors for investment during the decade.

These sectors include manufacturing, IT and ITeS, Agriculture and food processing, healthcare and pharmaceuticals, infrastructure and real estate, herbal and medicinal plants, milk and wool production, education and skill development, tourism and hospitality, film tourism, horticulture and post-harvest management, renewable energy, handicrafts, and handloom, agriculture, mulberry and production of silk, export-oriented units, and other sectors notified by Jammu and Kashmir government.

According to the Industrial Policy, the union territory administration would enhance the manufacturing momentum by attracting and involving investments in the industrial sector of Jammu and Kashmir.

“The government shall focus on industrial investment in the UT to spur the manufacturing momentum and creating employment opportunities. The administration shall invite reputed industrial houses and potential investors within and outside UT to promote Jammu and Kashmir as an ideal aspiring investment destination,” the Industrial policy said.

According to policy, a sufficient land bank will be created, which will be allotted for industrial estates.

“Jammu and Kashmir government envisages attracting investment in manufacturing and service sector. Since the availability of land is a prerequisite for setting up industry, the government is developing a state-of-the-art industrial land bank across Jammu and Kashmir,” it said.

Adequate industrial estates, parks, and clusters with modern facilities will be developed within a decade to lure investors.

“The Department of Industries and Commerce would initiate action to develop industrial estates and parks on the ready to occupy model to attract investments. The government will develop sector-specific parks and clusters.  Effective integration between industry and infrastructure shall be endeavored by developing industrial corridors having high-class infrastructure such as high-speed transportation network, logistic parks, common facility centers, etc,” it said.