Srinagar, July 26 (IANS): Jammu and Kashmir Administrative Council (AC) on Friday approved amendments in the Jammu and Kashmir Industrial Land Allotment Policy 2021-30.

An official said that the Industries and Commerce Department has included views and comments from stakeholders for effectiveness in updation of existing policy.

He said that amendments have been incorporated to elucidate different clauses of the existing policy with a view to provide simplification of processes and efficiency in land allotments.

"Periodic revision of lease premium, wide publicity for inviting applications, allotment of land on competitive merit basis, analysis of applicant/promoter/companies background including qualification and experience, sector-specific evaluation criteria for sector-specific allotments, functions and jurisdiction of land allotment committees, timelines for restoration of cancelled allotments etc have been provided in the amendments to the policy," he said.

He said that to encourage large investments having strategic importance to the economy of J&K, the government may allot land on a preferential basis to mega projects viz. industrial/service sector units with minimum capital investment (excluding land and working capital) of at least Rs 4000 crores.

He said that the amendments in the Jammu & Kashmir Industrial Land Allotment Policy, 2021-30 shall help in realising large investments and this will be a fillip to employment generation in the UT of Jammu and Kashmir.