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| Govt. to seek extension in central subsidy on capital investment in industrial sector | | | EARLY TIMES REPORT
Jammu, August 10 : The state Government plans to request the central Government to extend its scheme under which the industrial unit holders in Jammu and Kashmir received subsidy on the capital investment.
Official sources said that scheme had been introduced by the Central Government in 2002 for a period of 10 years. This way the much needed central scheme is expected to end next year thereby affecting further growth in the industrial sector.
The sources said that as a result of militancy related violence discouraging industrialists from other states to invest in Jammu and Kashmir the state has not been able to register any marked improvement. It is this context that the state Government wants the
Centre to extend its scheme on capital investment subsidy.
Under the scheme all eligible industrial units located in the Growth Centres or IIDC or industrial estates/parks/export promotion zones and commercial estates set up in Jammu Kashmir shall be given capital investment subsidy at the rate of 15% of their investment in respect of new units or additional investment in respect of substantial expansion in the plant and machinery subject to a maximum ceiling of Rs.30 lakh.
Similar benefits would also be extended to the new industrial units or their substantial expansion in other Growth Centres or IIDC or industrial estates/parks/export promotion zones and commercial estates set up by the Govt. of the Jammu & Kashmir, new industrial unit or their substantial expansion in the specified industries (as at
Annexure) located outside these growth centres and other identified locations would also be eligible for similar fiscal incentives.
Provided that the industrial units in the Micro, Small and Medium Enterprises sector commencing commercial production or becoming operational /functional, as the case may be, on or after the 6th day of January, 2011; shall be given capital investment subsidy at the rate of 30% of their investment in plant and machinery in respect of new units or additional such investment in respect of the first and every substantial expansion, subject to a ceiling of Rs. 3.00 crore and Rs. 1.50 crore for manufacturing and service sector respectively.
The limit for automatic approval of subsidy at this rate would be Rs. 1.5 crore. (KIP)
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