Jammu (Jammu-Kashmir): The Administrative Council (AC), which met under the chairmanship of the Lieutenant Governor, Manoj Sinha, on Wednesday approved the Policy for Promotion of Foreign Investment in the industrial sector in Jammu and Kashmir-2022. Farooq Khan and Rajeev Rai Bhatnagar, advisors to the Lieutenant Governor, Dr Arun Kumar Mehta, Chief Secretary, J&K, and Nitishwar Kumar, Principal Secretary to the Lieutenant Governor, were also present during the meeting.
The new policy is based on the guiding framework on FDI issued by the Government of India through the RBI and DPIIT and will be valid for the next 10 years. It aims at facilitating large foreign investments greater than Rs 100 crore with a minimum of 51% foreign stakes.
The policy also provides identifying parcels of land in various industrial estates to be given exclusively to industries with foreign investments, including vertical rise premises in the form of multi-purpose buildings/complexes, with plug and play facilities.