New Delhi: New industrial policy has opened Jammu and Kashmir to the world after the abrogation of the special status of the state and its division into two union territories - Jammu and Kashmir and Ladakh on August 5, 2019.

The 'New Industrial Policy 2021-30' unveiled early in April this year by the government of J-K has provided further impetus to the sector, opening up the region to the world, reports Saudi Gazette.

Kashmiri businessmen welcomed the 'New Industrial Policy 2021-30' soon after it was implemented in Jammu and Kashmir. The Federation Chamber of Industries Kashmir (FCIK) -- an amalgam of top-notch industrialists in the Valley -- while welcoming the new policy stated that it has infused hope among the entrepreneurs.

"The new industrial policy has included various new sectors in the positive list and focus sector. It has been expanded, includes tourism, hospitality, health, education, renewable energy, etc in addition to subsidy on gen-set to the tune of 45 lakhs and 60 per cent on pollution devices. The 30 per cent subsidy on quality certificates and automation also 50 per cent subsidy on green environment protection initiative has been provided," said, FCIK President Shahid Kamili.

The FCIK President appreciated the government for fixing a timeline of approval of cases at different levels. "This reflects the seriousness of the government in reviving industry in J-K. The turnover-based incentives and SGST reimbursement will ensure accountability and promote genuine entrepreneurs," he added.

According to the new industrial policy, which has come into effect on April 1, all industrial units coming into commercial production from April 1 as well as the existing units undertaking substantial expansion, shall be entitled for incentives under this policy while the existing units eligible for incentives under the erstwhile Industrial Policy 2016 shall be allowed to avail the same under the old policy till March 31, 2026, reported Saudi Gazette.