Minister for Finance, Dr. Haseeb Drabu today said that the new industrial policy is aimed to create industrial infrastructure and boost private investment in the state.The Minister was responding to the issues raised by various members in Upper House. Giving details about the introduction of new bill, the Minister said that the Industrial Policy that was approved in Governor’s rule drew reactions from various stakeholders. He said that nobody should have any misconception that there is any threat to J&K’s special status by the New Industrial Policy. He said that the contentious clause has already been removed.The Finance Minister said that the Government is aware of the demands of industrial associations and other bodies. He said that Government will define rules of land acquisition and lease out the land to private associations so that new units will come on these localities.
The Finance Minister said that the intention is to get more private players into providing infrastructure and maintenance. He said that there are more provisions in this industrial policy and every industrial estate should be treated as a corporate body. He further said that all units in an industrial estate are made stake holders, a fee will be charged and committee would be made for their welfare. He said that infrastructure like power, roads and dedicated lines would be developed by these stake holders.He said the New Industrial Policy will come under holistic review once the GST regime comes into force. Once the GST regime is implemented, there would be sweeping changes in taxation and other matters pertaining to the industry especially in the area of exemptions and incentives he said, adding that the Government will have to review the Industrial Policy once again in such a scenario.