Srinagar, Feb 02: The Government of India has allocated Rs 104.50 crore in the Union budget for new central sector industrial development scheme for Jammu and Kashmir Union Territory for 2021-22.
According to budget documents in possession of the news agency Rs 104.50 crore have been proposed for the scheme aimed to bring about radical transformation in the existing industrial ecosystem of J&K with emphasis on job creation, skill development and sustainable development.
The financial outlay of the proposed scheme is Rs.28400 crore for the scheme period 2020-21 to 2036-37.
The 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.
An official said the scheme is attractive for both smaller and larger units.
“It attempts for a more sustained and balanced industrial growth in the entire UT. It has been simplified on the lines of ease of doing business by bringing one major incentive- GST Linked Incentive- that will ensure less compliance burden without compromising on transparency,” they said.
The official said the scheme is to bring about radical transformation in the existing industrial ecosystem of J&K with emphasis on job creation, skill development and sustainable development.
“It will enable J&K to compete nationally with other leading industrially developed States/UTs of the country,” he said.