Jammu and Kashmir urge CII to invest in state

Jammu and Kashmir urge CII to invest in state
PTI
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First Published: Sat, Aug 04 2007. 04 18 PM IST
Updated: Sat, Aug 04 2007. 04 18 PM IST
Srinagar: Jammu and Kashmir’s government on 4 August asked the Confederation of Indian Industry (CII) to invest for tourism and hydro-electricity in state to boost its development.
Power projects worth 5,000 mega watts had already been proposed under various central and state schemes by 2012 and the government is looking for encouraging participation from the private sector, Karra told members of the CII at an interactive session here.
Representatives of nine northern states including Delhi, Uttar Pradesh, Haryana, Punjab, Himachal Pradesh, Rajasthan, Uttarakhand and union territory of Chandigarh are participating in the session organised by CII.
He said Jammu and Kashmir is most suitable for heavy investment as the union government had already announced a tax holiday for the state.
In addition to this, the state government was offering a 100% excise duty exemption on reimbursement basis for 10 years from the date of production, a 100% insurance premium on capital investment, a three per cent subsidy on wording and even a 90% freight subsidy on freight from rail head complexes to factory sites.
Karra said though investments worth Rs3,500 crore had already been made in different sectors but it was by no means satisfactory. He said state was looking forward to CII for major investments.
The state’s finance minister said the proposal to ply trade with Pakistan through the line of control had marked a new beginning of a process of connectivity. This new development will unleash new avenues of trade and business.
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First Published: Sat, Aug 04 2007. 04 18 PM IST