Vaid highlights importance of J&K Industrial Policy, Urges promoters of new industrial units to take advantage of incentives offered by the UT administration

Jammu, April 21, 2021: Emphasising the importance of newly adopted J&K Industrial Policy 2021-30 in boosting industrial growth in the Union Territory of Jammu and Kashmir, a senior BJP leader Shailender Vaid has welcomed the decision of the UT administration to adopt the same w.e.f April 1, 2021.

Vaid said the policy document and its in-depth understanding is going to benefit the promoters of new industrial units  coming up across J&k.

He said it is in the interest of all the investors to go through the policy document in detail as it lists category wise procedure for registration of units for incentives, grant of various incentives, subsidies, SGCT reimbursement, change of constitution, change in line of activity, etc.

At the time of launching the policy document  the UT administration had announced that all Industrial units coming into commercial production from April 1, 2021 as well as the existing units undertaking substantial expansion, shall be entitled for incentives under this policy while the existing units eligible for incentives under the erstwhile Industrial Policy 2016 shall be allowed to avail the same under the old policy till March 31, 2026.

Vaid claimed  instead of running from pillar to post to get approval of incentive cases separate committees at the district and division level have been constituted to approve the same after due verification process.

As per the policy document, the DIC has been entrusted with the responsibility to approve the incentive cases up to Rs 5 lakhs in the District Level Committee and the incentive cases from Rs 5 lakh to Rs 50 lakh shall be approved by Division Level Committee while the incentive cases exceeding Rs 50 lakh shall be approved by UT Level Committee.

Vaid said it is necessary to get registered with the Department of Industries & Commerce and in order to earn the incentives.

Vaid also welcomed the decision of the government to  dedicate a single Window Portal www.investjk.in which requires a PAN card, valid email ID and working phone number or validation of OTP.

For provisional registration of new units, the applicant is expected to apply online along with the DPR of the proposed enterprise, land papers, partnership deed and GSTIN registration.