Kashmir gets big investments from private cos

SRINAGAR, nov 12 (pti) notwithstanding the raging militancy in Jammu and Kashmir, the state has recieved more than Rs 3,000 crore investments from private players in various projects after the centre and the state government announced various incentives.

State industrial development corporation has mobilised an investment of rs 3,174 crore from the private sector for development of industries, sidco officials said.

Of the 1,229 units set up so far, 39 in medium and large sector and 380 in small scale sector were in production. These units provided employment to nearly 50,000 people in the three regions - Jammu, Ladakh and the Kashmir valley, they said.

In addition, 82 units in medium and large sector and 611 units in small scale sector were under implementation with investment of rs 1,434 crore and rs 510 crore respectively.

The units set up so far include pesticides, paint manufacturing, card board manufacturting, iron and steel, food processing, electronic and electricals gadgets, water storage tanks, ediable oil and vanaspati.

The state government had in 2004 framed a new industrial policy, granting various tax exemptions. Further, land for the units is leased out to developers on concessional rates.

The centre, too, had announced a package of incentives, similar to what north-eastern states get, to promote industrial development in the state.

Although the state was facing a power crisis, the state was making efforts to supply power to industrial estates, sidco managing director Irfan Yaseen said.

Yaseen said Jammu region has made rapid strides in the development of industries with the result that the land earmarked for allotment by sidco has been exhaused in the two major industrial estates of Bari Brahamana and Samba.

Sidco has been laying emphasis to ensure development of industries in Kashmir.

However, he said, investors must employ a minimum of 90 per cent locals as the pre-condition for availing incentives.

During the last three years, sidco has focussed on developing industrial infrastructure under various centrally sponsored schemes like software technology parks, icds (inland container depots) and food parks, Yaseen said.

The state government has also formulated a programme to revive sick units and has provided soft loans of rs 3.33 crore to 3,151 such units, he added.