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J&K begins exercise to retrieve unutilised industrial estate lands J&K Industrial Land

J&K begins exercise to retrieve unutilised industrial estate lands

India Blooms News Service | @indiablooms | 03 Dec 2021, 06:52 pm

Srinagar/IBNS: Jammu and Kashmir Government has set in motion an exercise to retrieve un-utilised industrial land allotted in the union territory.

The government will begin an eviction drive for retrieval of such land to allot them to new investors who are willing to set-up their units under a new Industrial development scheme announced, a senior official of the Industries and Commerce Department said.

Earlier this year, the central government approved a new industrial development scheme for J&K with a total outlay of Rs 28,400  crore. 

The scheme will remain in force from the date of its notification till 2037.

It is meant to encourage new investment, substantial expansion and also nurture the existing industries in the union territory, while providing employment to 4.5 lakh people, he added.

The new scheme provides for capital investment incentive at the rate of 30 percent in zone-A and 50 percent in Zone-B on investment made in plant and machinery (in manufacturing), or construction of building and other durable physical assets (in service sector).