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Jammu and Kashmir govt inks MoUs worth Rs 23,000 cr

Thursday, 25 Feb 2021
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The Jammu and Kashmir government has inked 450 memorandums of understanding (MoUs) worth Rs 23,000 crore for investments in the Union Territory. 
This includes 70 MoUs from companies who are immediately prepared to launch their units once the Industrial Development Policy sets off from 1 April 2021 even as the government has decided to announce its own component of the policy within a fortnight in which concerns of the existing local units will also be addressed. 
The proposals were in advanced stages as formalities for their formal approval have already been minimised by the Jammu and Kashmir government. 
Within a fortnight, the Union Territory government will present new Industrial Land Allotment Policy and announce its component of the Industrial Development Package. Both the policies are being formulated by the Industry & Commerce Department of the Union Territory government. 
It will also announce comprehensive Land Allotment Policy for the industrial units ready for investments. The land allotment, incentives, etc to the industry will be available online. Also, an online portal is in final stage of readiness. 
The remaining industries which have inked the MoUs are likely to come up with the proposals after a few months as some of the companies are awaiting vaccination process to be completed.


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