Govt to give incentives for people to develop industries

Srinagar June 25: Chief Minister, Omar Abdullah, led coalition government in Jammu and Kashmir is planning to provide additional incentives for people to set up industries in the rural areas with a high level committee headed by State's Economic Advisor meeting this week to take a decision on the package of incentives to be provided in the industrial sector for industrially backward areas.
A high level committee headed by State's Economic Advisor, Jalil Ahmed Khan, is holding a meeting on Thursday to decide on the package of incentives which can be given to the industrialists to invest in the backward areas of the state. According to officials, the package of incentives will be in addition to those which are already being given in the industrial sector in the state under the 2004 industrial policy which was under force till 2015. Under the 204 policy, besides the 30 percent capital investment subsidy, the industries in the state are also being given an exemption in payment of toll tax and also the interest and transport subsidy.
State government officials said that J-K's Economic Advisor was taking the meeting to decide on the sub policy packages which can be extended to the industries to accelerate the pace of growth. Economic Advisor, Jaleel Ahmed Khan, said, “state government is
considering to provide the additional incentives to rope in investment in
the rural areas.” “The sub policy packages will be announced as the level of industrial investment in the rural areas has been less. It has been mostly in the urban areas of Kathua, Jammu and Srinagar that most of the industries were opened,” said, Jaleel Ahmed Khan.
He said that government will fix the incentive in the interest subsidy and also the premium of the land available for development of industries in the rural areas will be less than what was being charged in the other parts of the state. According to officials the meeting of the high level committee on sub policy packages in industrial sector will be attended besides others by officials of State's Finance and Industries department also the representatives of the industries bodies as well.
According to government officials the main hiccups in the development of industries in the rural areas of the state was that the adequate infrastructure was lacking. Besides the lack of proper roads and power supply the rural areas of the state were dogged by other infrastructural bottlenecks like the inadequate telecommunication facilities. J-K's Economic Advisor said that the government will take care of all these hiccups to rope the industrial investment in the rural areas. “We are for setting up of a single window clearance system which will facilitate the industrialists in getting the necessary permissions for setting up of their industries from one place only for which otherwise they have to move from one office to another,” he added.