BusinessJ&K

J&K to establish Industrial Dev Corp

Jammu: The administration of J & K Union Territory has set the ball rolling for setting up of the Jammu & Kashmir Industrial Development Corporation.

In a significant development, the department of Industries and Commerce has constituted a three-member committee for devising a roadmap for implementation of the amendments incorporated by the Ministry of Home Affairs in The Jammu & Kashmir Development Act-1970.

The amendments provide for setting up of Jammu and Kashmir Industrial Development Corporation for rapid establishment, growth and development of industries in the union territory.According to an order issued by the department of Industries and Commerce, the committee comprises managing director, State Industrial Development Corporation (SIDCO), director planning, Industries and Commerce Department and Managing Director, Small Scale Industrial Development Corporation (SICOP).

It has been empowered to suggest modalities for merger of SIDCO and SICOP for better management of industrial estates.The move comes close on the heels of Centre unveiling new industrial policy for attracting investments in Jammu & Kashmir and the administration of UT identifying industrial zonesAs many 292 Industrial Zones have been identified across the Union Territory for creation of industrial land bank and to ensure equitable growth. Of them, 150 are in Jammu and 142 in Kashmir.It is worthwhile to mention that the Ministry of Home Affairs had amended The Jammu & Kashmir Development Act-1970 in October 2020 for setting up of Jammu & Kashmir Industrial Development Corporation.

According to the amendments, the Corporation will be set up for the purposes of securing and assisting in the rapid and orderly establishment, and organisation of industries in industrial areas and industrial estates in the union territory.

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