FCIK flays IDC formation in J&K

Federation Chamber of Kashmir has criticised government’s move to amend Jammu and Kashmir Development Act, 1970 for setting up an Industrial development corporation (IDC).

In a statement, FCIK Secretary General Ovees Qadir Jamie said the government has recently handed over the estates from I&C department to SICOP & SIDCO for better growth and management.  “After handover of the Industrial Estates from Industries & Commerce Department, the industrial sector has already faced the brunt on the land premium, rent, renewal on lease, addition activity, change in constitution and partnership. As the asset allocation has recently done by the departments, now again the re-allocation is to be done with IDC,” said FCIK.

According to FCIK, IDC’s existence has shocked the industrial sector as it will be promoting commercial establishments which mean dilution of mandate; ‘the focus on the industrial sector will be limited’.