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Private investment in JK; ‘Representatives of centre to hold crucial meeting with top officials'


KNS

 Srinagar, Jan 24 (KNS): To explore the possibilities of private investment and luring top industrialists to invest in the new union territory of Jammu and Kashmir, the officials of PMO are scheduled to hold various meetings with LG led administration in coming weeks.

 
Sources told KNS that Centre has told the JK authorities to explore possibilities for outside industrialists to invest in the new Union Territory.    In this regard, the officials of PMO and Jammu and Kashmir are scheduled to hold various meeting in coming weeks.
 
“The agenda of the meetings is to explore possibilities of private investment, details about tax collection, upcoming budget preparations, and developmental works in Jammu and Kashmir,” the source told KNS. 
 
Chief Secretary, authorities of Finance Department, Planning and Development Department, Revenue, and several other departments will be representing Jammu and Kashmir. The officials may participate in the meeting through video conference,” the source said.  
 
This is for the first time since the Centre’s decision of abrogation of Article 370, 35A, and bifurcation of the state into two union territories, the representatives of the Centre would hold a meeting with top officials of Jammu and Kashmir over these issues.
 
“The JK government has invited private investors to invest in health sector, education, medical education, tourism, medicines, and production houses. The government will seek details from heads of departments about the potential of all these sectors,” the source said. 
 
The government has decided to facilitate fast clearance of project proposals through a web-based single window system allowing investors to avail the necessary approvals to establish and start their business operations through a single platform without any physical touch point with the approving and licensing authorities.  
 
The JK government has invited private investors to buy land in the new UT to set up twin medi-cities. The Revenue Department has also been directed to identify and transfer land for the purpose.
 
 “There will be minor procedural changes like state code amendments, nature of tax after October 31. All these things will also be discussed how much tax could be collected from investors. Besides that there are other issues that will be discussed to implement the GST smoothly in the two UTs,” the source said.
 
Sources said the government wants a people-friendly budget.


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