NEW DELHI: The Cabinet Committee on Economic Affairs (CCEA) on Thursday, January 7, said it has sanctioned a scheme for industrial development of Jammu and Kashmir (J&K). The offer of Department for Promotion of Industry and Internal Trade for the Central Sector scheme has given authorisation with a total outlay of Rs 28,400 crore up to year 2037.
To date, the amount spent under various special package schemes is Rs 1,123.84 crore. According to an official statement, the main purpose of the scheme is to produce employment, which will lead to the socio-economic development of the area. The existing scheme is being executed with the vision that industry and service –led the development of J&K needs to be given fresh push and significance with emphasis on employment creation, skill development and sustainable development by engaging new investment and bettering the existing ones.
Under this scheme, companies will get capital intensive incentives, capital interest subvention, working capital incentive and GST-linked incentives. The statement added that the scheme is made engaging for both smaller and larger units. To ensure less conformance burden without compromising the transparency, the scheme has been simplified on the lines of ease of doing business by bringing one major incentive – GST-linked incentive.