Centre gearing up to lure private investors to invest in J&K
Prime Minister’s office (PMO) is all set to woo leading industrialists to invest in Jammu and Kashmir
New Delhi is gearing up to lure top industrialists of the country to invest in newly formed union territory of Jammu and Kashmir.
Prime Minister’s office (PMO) is all set to woo leading industrialists to invest in Jammu and Kashmir and have asked JK authorities to explore possibilities for outside industrialists to invest in Jammu and Kashmir. Officials in PMO and Jammu and Kashmir are said to be scheduled to hold meetings in the coming days, in this regard.
Sources said that the agenda of the meetings will be exploring the possibilities of private investment, details of tax collection, upcoming budget preparations and developmental works in Jammu and Kashmir.
Sources further said, “Jammu and Kashmir will be represented Chief Secretary, officials of Finance, Planning and Development, Revenue and several other departments. Apart from one to one meeting, the officials may also meet through video conferences.”
It is pertinent to mention here that it will be for the first time, after abrogation of Article 370 and 35 A and splitting of Jammu and Kashmir into two UTs that the top representatives of Center and Jammu and Kashmir will be meeting to discuss the issue.
According to informed sources Jammu and Kashmir government has already invited private investors to invest in Health, Tourism, Medicine sectors and in Production Houses, where KK government will seek details from the heads of departments about the potential in these sectors for private investment.
Decisions have been taken to facilitate fast clearance of project proposals through a web-based single window system, allowing necessary approvals to establish business operations through a single platform, without getting in direct touch with licensing and approving authorities. It has been also learnt that JK government has invited private investors to buy land to set up two twin medi-cities and in this regard Revenue Department has been directed to identify land.
“There will be small changes in the procedure viz State Code Amendments and nature of tax after October 31st 2109, when the abrogation of statehood to Jammu and Kashmir took the effect. All these issues including how much tax will be collected from the investors will come under discussion, besides issues related to smooth implementation of Goods and Services Tax (GST) in two UTs Jammu Kashmir and Ladakh”, the sources added.
(Courtesy: Brighter Kashmir)