Rs 28k crore industry development initiative for J&K likely to get Cabinet nod today

New Delhi, Jan 06: The Union Cabinet is likely to take up for consideration and approval a Rs 28,000 crore industrial development initiative for Jammu and Kashmir.

Once approved, it would put in place the first industrial policy for Jammu and Kashmir. It would focus on facilitating investments in J&K across various sectors and would also earmark government land for corporate houses to set up units and offer them a host of incentives.

The policy seeks to set up clusters to ensure that all resources are available in one place. This would benefit industries looking to set up manufacturing and processing plants and service sector units like IT parks.

This became possible following the abrogation of Article 370. Earlier the industry shied away from investment in the Union Territory as it was not allowed to buy land and set up units. Under the new policy investment can be channelised into J&K and this would ensure economic development and also generate jobs.