Union Finance Ministry clears Industrial Policy to ‘boost’ J&K economy

Srinagar: in a significant development, the Finance Ministry has cleared a separate industrial policy for Jammu and Kashmir to boost its economy.

The industrial bodies who had a meeting with Union Finance Minister Nirmala Sitharaman last month had sought a separate industrial policy for Jammu and Kashmir.

In this regard, Union Finance Minister has cleared the Industrial Policy for Jammu and Kashmir.

“It will now go to the Cabinet for final approval. Government also has to seek approval from the State Election Commission as J&K is under Model Code of Conduct in view of district development council elections,” a senior official told news agency Kashmir Indepth News Service (KINS).

The official said the Union Finance Ministry has incorporated suggestions from the industrialists of Jammu and Kashmir.

Earlier in the meeting last month, various industrialists had told the Finance Minister that it was necessary that JK has a separate Industrial policy.

“Most of the policy making happens in the closed room environment with no connection with the actual situation and this is gravely affecting the industry sector in JK,” one of the participants had told the meeting.

“JK industry, especially the MSMEs are reeling under economic distress for the past one year. There is an urgent need for incentives. If MSMEs are helped, unemployment to some extent can be arrested,” another industrialist had said.

Similarly, they had also raised that PSUs in the state are in a bad condition, but they have a huge potential if right attention and help is given.

“Incentives were urgently needed for the revival of the industry in JK . The past year has seen a lot of suffering, unemployment is growing, artisans don’t have much work, industries and MSMEs are in bad shape. A pile up of inventories has been happening,” they told the meeting.

Sources said the building of Industrial Estates, IT Parks, Medi-cities, tourism sector are among few highlights of the Industrial Policy which will be a comprehensive one aimed at attracting large scale investments in Jammu and Kashmir to make it an industrial hub. (KINS)