Investment of more than Rs 50,000 crore expected in Jammu & Kashmir: Amit Shah
The government aims to give a fresh thrust to industry and services led development of Jammu & Kashmir
Investment of more than Rs 50,000 crore was expected in Jammu & Kashmir with the new Central Sector Scheme for Industrial Development of J&K, Union Home & Cooperation Minister Amit Shah has said.
It’s a new dawn for investment & business development in Jammu & Kashmir, Shah said while launching the online portal for registration under the scheme on Tuesday.
The scheme, which is now open for registration of eligible units through this portal, aims to give a fresh thrust to industry and services led development of J&K.
There is an emphasis on job creation, skill development and sustainable development by attracting new investment and nurturing the existing ones, said the Union Ministry of Commerce and Industry.
Speaking on the occasion Union Commerce & Industry, Food & Public Distribution and Textiles Minister Shri PiyushGoyal said that the launch of the online portal and roll out of Central Sector Schemes is historic.
This mechanism would further improve ease of doing business and bring all round transparency, he noted.
Jammu & Kashmir Lieutenant Governor Manoj Sinha, Union Ministers of State Jitendra Singh, Nityanand Rai, Som Prakash and Anupriya Patel, and senior officials were also present.
This on-line portal has been designed and developed for effective implementation of the scheme in transparent manner and with the objective of ease of doing business.
The entire process under the scheme i.e. applying for registration, submitting claims and their processing within the Department, is through the portal deliberately done to avoid human interface.
The scheme is expected to bring about radical transformation in the existing industrial ecosystem of J&K to compete with other leading industrially developed States/ UTs.
The Scheme supports employment to about 35,000 persons indirectly already working in existing units through Working Capital Interest subvention component of the scheme.
It is expected that the UT of J&K will have an additional investment about Rs.12,000 crore in establishment of about 1,200 industrial units.
It is anticipated to generate direct employment opportunity for about 78,000 persons along with employment in primary sector including Agriculture, Horticulture, Sericulture, Animal Husbandry & dairy, inland fisheries etc. through backward linkage including gainful engagement of women at household in craft, handicraft and handlooms.
The Department for Promotion of Industry & Internal Trade (DPIIT), Ministry of Commerce and Industry Government of India notified the “Central Sector Scheme for Industrial Development of Jammu & Kashmir” on February 19 this year.
The total financial outlay of the scheme is Rs. 28,400 crore and it envisages four types of incentives namely:
* Capital Investment Incentive
* Capital Interest Subvention
* GST Linked Incentive
* Working Capital Interest Subvention.
The Scheme is attractive for both MSME (by Capital Incentive component) as well as larger units (by a liberal Capital Interest Subvention component).
Further, it is simplified on the lines of ease of doing business by bringing one major incentive by way of GST Linked component that will ensure less compliance burden without compromising on transparency.
It provides higher quantum of assistance as compared to the earlier Industrial Development Schemes in the past; as the ‘GST Linked Incentive component’ alone provides for a maximum of 3 times of investment made in P&M in addition to the other components of the Scheme.