With Rs 28,400 Crore of budget, huge boost to the Industrial development of J&K
Total Views |
Jammu, Jan 8: J&K Lieutenant Governor Manoj Sinha has announced that the Central Govt has approved a mega Industrial Development Package worth Rs 28,400 crore. LG Manoj Sinha has said that the Union Cabinet has sanctioned the 'Huge Industrial Development Package - 2021' for industrial sector of J&K that has been seeking for the strong support from the Centre. He said that the package aims at providing a huge boost to the existing industrial sector.
The Cabinet Committee on Economic Affairs that recently approved the ambitious scheme to boost the industrial development of Jammu and Kashmir was chaired by Prime Minister Narendra Modi. The alotted package also aims at setting up new units, creating 4.5 lakh jobs and at least investments of Rs 20,000 crore. The allocated funds of Rs 28,400 crores are to be used to develop industrial sector of the territory till 2037. The main objective of the scheme is to generate jobs that will lead to economic development and eventually boost industry and service development of the union territory. As an effect, this will attract new investment.
The LG disclosed that the package will act as a big relief to the existing industrialists and will cover the manufacturing units as well as the service sector that includes the Tourism and IT sector and will give the J&K economy a new boost and lead the UT towards growth and sustainable development. He also added that in 2023, people of J&K will travel in the metro for the first time. He said that a committee is examining the restoration of 4-G internet services in the remaining 18 districts of the Union Territory and there will be good news soon in that area.
The scheme is termed as ambitious since it offers attractions to both large and small industrial units. The scheme is expected to attract major investments and provide 4.5 lacs of direct and indirect employment in the region. So far, considering all the investments in the development of the union territory ever since the abrogation of Article 370, the Central govt has invested a total of Rs 1123 crores as a part of industrial policy in the region of J&K.
In a major decision of far reaching consequence, Government of India has approved the new Industrial Developmental Scheme for Jammu & Kashmir.The Scheme will go a long way in ushering an era of socio-economic development of the region as also catering to the aspirations of people pic.twitter.com/fgnE3B1N6F
— Manoj Sinha (@manojsinha_) January 7, 2021
The scheme will provide capital investment incentive at 30% in zone. It will provide investment incentive of 50% in Zone B. This includes investment in manufacturing and construction sector. The maximum limit of incentive is Rs 5 crores in zone A and Rs 7.5 crores in Zone B respectively. The GST linked incentive will be 300 per cent of the eligible value of actual investment. The amount of incentive provided should not exceed one tenth of the total eligible amount of incentive.