SRINAGAR: To promote entrepreneurship and industry in the State, Finance Minister Haseed Drabu today proposed setting up of new industrial estates and announced a startup fund as well as joint-venture opportunities with the Government for the IT companies.
“The industrial estates in the State will be reorganized to function as a corporate entity within the aegis of State Industrial Development Corporation (SIDCO)/SICOP.
“The idea is to make each one of them a profit centre. These estates shall become Special Purpose Vehicles of the corporations or operating companies be it SIDCO or SICOP,” Drabu said in his budget speech here.
“Industrial associations of the State will be encouraged to develop, on their own or in partnership, private industrial estates/parks on commercial lines,” he said.
He, however, said it would be difficult to formulate a long-term Industrial Policy in Jammu and Kashmir as of now as more clarity was needed on the implementation of GST and its applicability to the State. (AGENCIES)
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