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Central Govt. Amends Law to Establish J&K Industrial Development Corporation for Rapid Industrial Growth

The Centre amended the Jammu and Kashmir Development Act, 1970 for setting up an industrial development corporation for rapid establishment, growth and development of industries in the union territory

 

The Central Govt. today amended the Jammu and Kashmir Development Act, 1970 for setting up an industrial development corporation(IDC) for the fast-moving establishment, growth, and development of industries in the union territory.

The amendment in the effect in the  Act was made through a notification issued by the Ministry of Home Affairs, which inserted a new chapter in the law for setting up the Jammu and Kashmir Industrial Development Corporation.

As per the notification details, the Jammu and Kashmir Industrial Development Corporation will be set up for the purposes of securing and assisting in the rapid and orderly establishment, and organization of industries in industrial areas and industrial estates in the union territory.

It will also clear the way to establish commercial centres in connection with the establishment and organization of such industries.

The corporation shall be empowered to acquire and hold such property, both movable and immovable, for the performance of any of its activities, and to lease, sell, exchange or otherwise transfer any property held by it on such conditions as may be deemed proper, the notification stated.

It will establish and manage industrial estates, develop industrial areas, and make them available for undertakings to establish themselves.

On the issue of this notification, young entrepreneurs especially locals have welcomed this move as per reports and whereas new investment in the J&K UT will also take place in large scale with rapid pace to remove the industrial backwardness and creation of employment.

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