New Delhi, Aug 5 (KNN) The Centre quashed Article 370 on August 5 which gives a special status to the Jammu and Kashmir. With this, a separate bill has been moved to bisect the state in two Union Territories of Jammu and Kashmir and Ladakh.

In between massive chaos from the opposition parties, the Home Minister Amit Shah moved the resolution on Article 370. Shah informed the Upper House that President Ram Nath Kovind has signed the official notification of removal of Article 370.

President of Bari Bhramna Industrial Association, Lalit Mahajan said, “The state government used to give land for lease to establish the industry. The lease was facilitated for a period of 40 years. After the end of lease, it was difficult for the industries to migrate and settle up in a different place. It was a major problem for the industrialists to run for a long-term”.

In the last 4 to 6 years, the rate of land was around Rs 2,750 to 3,000 per 500 square meters which has been increased now. From April 1 this year, the price has reached to Rs 4,125 per 500 square meters. Other than this, CIDCO increases the rent of land every two years fold, he added.

Besides this Mahajan said that if any outsider wanted to set up industry here, they had to find a shareholder for that. With a shareholder, the industries were running and with passage of years the shareholder increased their demand on the basis of profit percentage.

“Sectors like, education, medical is not yet developed in the state which needs to boost-up now. After scrapping Article 370, the state will get a push in development. Large scale industries can set up here which will feed the small scale industries as well. Employment potential, infrastructure will gain more speed and tourism sector can experience more growth of service sectors as well in the state," he said.