SIDCO & SICOP being merged to set up JKIDCO
Committee headed by FC Finance to work out roadmap
Srinagar: The J&K UT administration has set-up a three-member committee to draw a roadmap for establishment of Jammu and Kashmir Industrial Development Corporation along with merging State Industrial Development Corporation (SIDCO) and Small Scale Industrial Development Corporation (SICOP).
In an order, the General Administration Department today constituted a high-level committee headed by Financial Commissioner (Additional Chief Secretary), Finance department for proposing a roadmap for establishment of Jammu and Kashmir Industrial Development Corporation (JKIDC) as per provisions of J&K Development Act, 1970, along with merging/subsuming SIDCO and SICOP into it, as recommended by the in-house committee of the Industries and Commerce department.
The I&C department had earlier constituted a three-member committee for devising a roadmap for implementation of the amendments incorporated by the Ministry of Home Affairs in the J&K Development Act-1970.
The panel was also empowered to suggest modalities for the merger of SIDCO and SICOP for better management of industrial estates.
It is worthwhile to mention that the Ministry of Home Affairs had amended the Jammu & Kashmir Development Act-1970 in October 2020 for setting up of J&K Industrial Development Corporation.
According to the amendments, the Corporation will be set up for the purposes of securing and assisting in the rapid and orderly establishment, and organization of industries in industrial areas and industrial estates in J&K.
The Corporation will establish and manage industrial estates, develop industrial areas and make them available for undertakings to establish themselves, read the amendments.