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news details
Workshop held on New Central Sector Scheme for Industrial Development in J&K
2/26/2021 10:18:34 PM

EArly Times report

JAMMU, Feb 26: A training workshop for the Officers of Industries and Commerce Department on New Central Sector Scheme for Industrial Development of Jammu and Kashmir was held today here under the chairpersonship of Director I&C Anoo Malhotra.
Joint Director (M&P), Trishala Kumari; Joint Director (Dev), Ved Parkash, besides General Managers of DICs attended the meeting along with Functional Managers and Project Managers.
The Director, Industries and Commerce Jammu welcomed the participants and exhorted them to ensure the scheme is implemented in letter and spirit for holistic and equitable development of Industries in J&K.
Pawan Goswami, Functional Manager, Shahzada Noor-ul-Ain, Functional Manager along with Knowledge Partners from E&Y guided officers regarding operation of new Central Sector Scheme.
It was explained that the Present scheme aims to take industrial development to the block level in UT of J&K, which is first time in any Industrial Incentive Scheme of the Government of India. The financial outlay of the proposed scheme is Rs.28400 crore for the scheme period 2021-22 to 2036-37.
It was further stated that with GST linked Incentive upto 300% of investment in Plant & Machinery are available to the Unit holders, the scheme aims to Incentivise to New Units.
The scheme is made attractive for both smaller and larger units. JKDFC is the nodal agency for release of Incentives under various components of the scheme
The officers outlined key features including Zoning of blocks for the purpose of availing incentives to bolster Industrialisation in relatively underdeveloped regions of Jammu and Kashmir and different fiscal incentives available under the scheme-the Capital Investment Incentive, Capital Interest subvention, Goods & Service Tax Linked Incentives, Working Capital Interest Linked Incentive.
The Officers elaborated that in Working Capital Interest Linked Incentive all existing units both in zone A and zone B having GST registration are eligible for the incentive and Eligible units can avail interest subvention of 5% on working capital loan for a maximum of 5 consecutive years from the date of grant of registration under this scheme.
The new scheme while encouraging new investment, also nurtures the existing industries in J&K by providing them working capital support at the rate of 5% for 5 years.
The Director, Industries and Commerce reiterated that the Scheme has the potential to bring about radical transformation in the existing industrial ecosystem of J&K with emphasis on job creation, skill development and sustainable development by attracting new investment and nurturing the existing ones, thereby enabling J&K to compete nationally with other leading industrially developed States/UTs of the country and onus now lies on Industries and Commerce Department to make sure that the scheme translates its objectives into success on ground.
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