The Administrative Council (AC) which met here under the chairmanship of the Lieutenant Governor, Manoj Sinha, on Wednesday approved the Policy for Promotion of Foreign Investment in the industrial sector in Jammu and Kashmir- 2022.
Farooq Khan and Rajeev Rai Bhatnagar, Advisors to the Lieutenant Governor, Arun Kumar Mehta, Chief Secretary, J&K, and Nitishwar Kumar, Principal Secretary to the Lieutenant Governor attended the meeting.
The new policy is based on the guiding framework on FDI issued by the Government of India through the RBI and DPIIT and will be valid for the next 10 years. It aims to facilitate large foreign investments greater than Rs.100 crore with a minimum of 51% foreign stakes.
The policy also provides for identifying parcels of land in various industrial estates to be given exclusively to industries with foreign investments including vertical rise premises in the form of multi-purpose buildings and complexes, with plug and play facilities.
The land allotment process will be regulated by the J&K Industrial Land Allotment Policy, 2021-30, whilst, such units will also be eligible for benefits, incentives, and support under the Jammu and Kashmir Industrial Policy 2021-30 and New Central Sector Scheme for the industrial development of Jammu and Kashmir.
For optimal utilization of land resources and to provide integrated services to multiple players, the policy also envisages the establishment of multipurpose complexes for foreign investment by developing IT tower projects through private players in Sempora, Pampore, and Exhibition Ground, Jammu. These towers will house different business activities and will form a part of the ‘Industrial Complex for Foreign Investment’.