The Jammu and Kashmir administration has amended its industrial development policy to ensure a slew of benefits to private enterprises willing to set up new industrial clusters in the Union Territory.

As per the revised policy, private developers and upcoming industrial clusters will get benefits such as up to 100 per cent reimbursement of stamp duty on land purchases, change of land use charges, and registration charges.

The amendments in the Jammu and Kashmir Private Industrial Estate Development Policy (PIEDP), 2021-30 were approved by the Administrative Council (AC) chaired by Lieutenant Governor Manoj Sinha on Thursday, an official spokesperson said.

The meeting was also attended by key officials including Advisor Rajeev Rai Bhatnagar and Chief Secretary Atal Dulloo.

This initiative seeks to ensure a fair playing field for private developers and prospective unit holders within these estates, offering comparable incentives at par with those operating from government-owned industrial estates, the spokesperson said.

The government aims to develop approximately 2,000 kanals (250 acres) of land through private industrial estates.

The policy outlines timelines for document issuance by revenue authorities and procedural guidelines for reimbursement of incentives, the spokesperson said.

In cases where the government land is involved in private industrial estates, land allotment will adhere to terms and conditions specified in the J&K Industrial Land Allotment Policy 2021-30, the spokesperson added.

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