Srinagar: Jammu and Kashmir government has kicked off the process to develop the industrial estates in a bid to attract private investment to the union territory.
Last month, the government unveiled the first-ever J&K Private Industrial Estate Development Policy, 2021-30. Under the policy, industrial parks and estates will be set up to lure investors to J&K.
The administration has now come up with detailed guidelines for the private players to set up industrial estates and parks.
From Single Window Clearance to no limit on the number and type of businesses, the government has laid down a procedure for establishing industrial parks and estates in J&K.
As per the guidelines, those intending to set up an industrial estate or park have to get registered on the Single Window Portal of the industries and commerce department.
For an industrial estate on 5-7 acres of land, the applicant has been asked to pay a fee of Rs 50,000 while the same amount has been fixed on Industrial Park established on 2-4 acres of land.
The government has fixed Rs one lakh as a fee for Industrial estate to be established on 7-10 acres of land.
For above 10 acres of land, the applicants have been asked to pay Rs 1,50000 and the same amount will be paid for Industrial Park on above 8 acres of land.
For investment up to Rs 25 crore, subsidy of 20% and 30% will be offered subject to a maximum of Rs 5 crore and Rs. 7.50 crore for areas in Zone A and B respectively.
A subsidy of 20% of the cost incurred with a minimum subsidy of Rs 5 crore and a maximum subsidy of Rs. 20 crore will be given for investments above Rs 25 core.
“This shall be determined on the principle of additional subsidy of Rs 1 crore on each acre of land to the minimum of 5 acres in Zone A,” the policy said.
“Moreover 30% of the cost incurred with a minimum subsidy of Rs 7.50 crore and maximum subsidy of Rs. 30.00 crore. This shall be determined on the principle of additional subsidy of Rs 1.50 Crore for the addition of each acre of land over the minimum 5 in Zone B,” the policy added.
For the IT sector, the policy mentioned that the applicable rate shall be uniformly at 20% and 30% subject to a maximum of Rs. 20 crore and Rs. 30 crore for areas in Zone A & B respectively.
As per the guidelines, the industrialists have been asked to focus on energy-efficient units and the estates will have incentives at par with the government estates.