Industrial Policy-2016 approved

Industrial Policy-2016 approved

JAMMU: The State Administrative Council (SAC) which met here on Monday under the chairmanship of Governor, NN Vohra, approved the Industrial Policy-2016 formulated by the Industries & Commerce Department.
According to an official spokesperson, the Industrial Policy-2016 will remain effective upto 31st March 2026. The new policy has been formulated after thorough discussion with all the stakeholders and having concurrence of the Finance, Planning & Development, Power Development, Forest and Law, Justice and Parliamentary Affairs Departments.

New Policy to remain effective till 31st March 2026
Policy envisages ‘ease-of-doing-business’ to achieve targets of ‘Make in India programme’
Industrial units to be registered within a time-bound manner through e-governance interface
New policy will enable creating business-friendly environment in the state
Policy targets creation of Land Bank of 20,000 Kanals across JK
Asset Reconstruction Company to be set up for revival of sick industrial units

On the instructions of the Governor, most forward looking steps have been taken in the new policy through “ease-of-doing-business” to achieve the targets of “Make in India programme”. A procedure has been laid out in the “ease-of-doing-business” for registration of industrial units within a time-bound manner through e-governance interface. This includes online processing of business proposals, self certification, establishment of green corridor at Lakhanpur, delegation of powers and time bound clearances from other departments including Power Development Department and State Pollution Control Board (SPCB).
The new policy will enable creating business-friendly environment in the state through “ease-of-doing-business” which will facilitate the investors to establish Industrial Units and pave way for the establishment of mega units including that of ‘Electronic City’ in the State.
The policy targets to attract an investment of over Rs 2000 crore per annum; create annually 15,000 direct and indirect employment opportunities through upgradation and creation of infrastructure and establishment of new industries; creation of Land Bank of 20,000 Kanals across the state; zoning of districts in the state based on the extent/ degree of industrial development in different districts besides supply of additional 150 MW power every year.
For revival of sick industrial units, setting up of an “Asset Reconstruction Company” in partnership with J&K Bank has been envisaged. To facilitate the investors an Investment Facility Cell has been constituted at SIDCO and SICOP. Entrepreneurship and Skill Development Fund has been created for skill development of entrepreneurs. Environmental protection through setting up of Green Industries and adoption of Green Technologies has been incorporated in the Policy. The Policy includes the setting up of Industrial Grievance Forums (IGF) to speedily sort out grievances and solve interdepartmental issues faced by entrepreneurs.

 

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