Law Deptt asked to suggest amendments in Act
Nishikant Khajuria
JAMMU, Sept 8: As the Department of Industries and Commerce in the Union Territory is learnt to have submitted a Cabinet Memo for the Administrative Council’s nod to establish J&K Industrial Development Corporation (JKIDC) along with merging SIDCO and SICOP in it, the UT Government today constituted a high level committee for proposing roadmap in this regard.
The committee, comprising Financial Commissioner (Additional Chief Secretary) Finance Department; Principal Secretary, Housing & Urban Development Department; Principal Secretary, Industries & Commerce Department and Secretary, Department of Law, Justice & Parliamentary Affairs, shall propose roadmap for establishing JKIDC as per provisions of J&K Development Act, 1970.
For merging SIDCO and SICOP in JKIDC, the committee shall propose comprehensive plan for rehabilitation of staff of the Corporations to be closed/merged to ensure that the employees may not suffer.
According to the sources, the Department of Industries and Commerce has prepared and forwarded a Cabinet Memo to the Government for implementation of the amendments incorporated by the Ministry of Home Affairs in Jammu & Kashmir Development Act-1970.
The amendments, made in October 2020, provide for setting up of JKIDC for the expansion, growth and development of industries in Jammu and Kashmir.
Before approval of the Memo by the Administrative Council, sources said that the Government has also asked the Law Department to suggest any necessary amendment required in the Act for setting up of JKIDC, which will be a Corporation having Legislative backing.
Pertinent to mention that State Industrial Development Corporation (SIDCO) and Small Scale Industrial Development Corporation (SICOP) are simply Government companies with no Legislative backing.
The significant move comes as Centre had recently unveiled a new industrial policy for attracting investments in J&K and the administration of UT is identifying industrial zones. As many as 292 Industrial Zones have been identified across the UT for creation of industrial land bank and to ensure equitable growth. Of them, 150 are in Jammu and 142 in Kashmir.
The JKIDC will be set up for the purposes of securing and assisting in the rapid and orderly establishment, organisation of industries in industrial areas and industrial estates in Jammu Kashmir and for the purpose of setting up commercial centres in connection with the establishment and organization of such industries.
The Corporation will establish and manage industrial estates, develop industrial areas and make them available for undertakings to establish themselves. It shall also assist financially by loans for industries to move their factories into such estates or areas.
All the Industrial Estates, presently managed by SICOP, shall be transferred to JKIDC, which will have Chief Managing Director, Managing Director and other officials to run its affairs. It shall have the power to acquire and hold property, both moveable and immovable as the Corporation may deem necessary for the performance of any of its activities.
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