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Cancellation notice issued to 586 persons for failing to set up industries in J&K

Last Updated on November 17, 2022 at 8:24 pm

Industries and Commerce department of J&K on Thursday issued final notices for cancellation of land allotment to 586 persons who failed to set up industrial units under the ‘new industrial development scheme’.

Notices have been issued as these units failed to deposit the land premium and execute lease deed, according to a top official. The step has been taken to provide opportunity to others in the long queue.

The Jammu and Kashmir administration in January 2021 announced a new industrial development scheme (IDS) with a total outlay of Rs 28,400 crore to encourage new investment and take industrial development to the block level.

Approved by the Government of India, the new IDS for was not only meant for  ushering in an era of socio-economic development of the region, but also take development to the block level and far-flung areas of Jammu and Kashmir.