Govt Approves Rs 28,400 Crore Incentive Scheme To Bolster Industrial Development In J&KPrime Minister Narendra Modi along with his cabinet during the meet. (Image Source:- Twitter/@airnewsalerts) 

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.

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