Progress on ground
The new industrial policy in Jammu and Kashmir has started showing a lot of impact.
J&K Private Industrial Estate Development Policy, 2021-30 has also been notified recently. Progressive reforms like GST linked incentive, Capital Interest subvention and Working Capital Interest Incentive have also been implemented. These policy interventions have started bearing fruits as investment proposals more than worth 50,000 crores have been received. These investments are expected to generate employment potential of 2.33 lakhs.
To further improve the industrial ecosystem in the UT of J&K, Single Window Approach has been streamlined with a view to improve Ease of Doing Business. Aimed at Minimising Regulatory Compliance Burden (MRCB), 130 services of J&K departments have been made online.
With fast-paced urbanisation witnessed in J&K over the past few decades, there has been a spurt in the demand for housing and commercial units. The regressive limitations before the repealing of Article 370 posed several impediments in the full development of the real estate sector in J&K. To resolve this predicament, first ever J&K Real Estate Summit 2021 was held in which 250 top developers from across the country participated.
GOI’s Model Tenancy Act has been adopted by the Government of J&K and portals for Real Estate Regulatory Authority and auction of the assets, allotment of dwelling units/plots of the J&K Housing Board, Jammu Development Authority, Srinagar Development Authority have been launched.
