In a big boost to the industrial development in union territory (UT) of Jammu and Kashmir (J&K), the Union Cabinet headed by Prime Minister (PM) Narendra Modi on Thursday (7 January) approved an incentive scheme worth Rs 28,400 crore for industries, reports Livemint.
The outlay of the scheme is until 2037 and as much as Rs 1,123.84 crore have already been disbursed under various special packages.
According to the report, this latest policy push by the government is aimed at giving a fillip to investments and job creation in the UT.
Called New Industrial Development Scheme for Jammu and Kashmir (J-K IDS, 2021), the scheme includes GST linked incentives which would ensure lower compliance burden without any compromise on transparency.
The scheme would provide the smaller industrial units, with an investment in plant and machinery up to Rs 50 crore, a capital incentive of up to Rs 7.5 crore and additional capital interest subvention at the rate of 6 per cent for maximum seven years.
As per the Government, the scheme intends to give a fresh thrust to job creation, skill development and sustainable development by attracting new investment and nurturing the existing ones.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.