Government has announced a new Central Sector Scheme for Industrial Development of Jammu and Kashmir. The scheme is approved with a total outlay of 28 thousand 400 crore rupees.
It will be effective from 1st April this year and will remain in force up to 31st March 2037. The main purpose of the scheme is to generate employment which directly leads to the socio economic development of Jammu and Kashmir.
The Scheme is made attractive for both smaller and larger units. Smaller units with an investment in plant and machinery upto 50 crore rupees will get a capital incentive upto seven crore 50 lakh and get capital interest subvention at the rate of six per cent for maximum 7 years.
It is anticipated that the scheme is likely to attract unprecedented investment and give direct and indirect employment to about four lakh 50 thousand persons. The scheme aims to take industrial development to the block level in Jammu and Kashmir.
It has been simplified on the lines of ease of doing business by bringing one major incentive- GST Linked Incentive- that will ensure less compliance burden without compromising on transparency.