Amendment to the Central Interest Subsidy Scheme, 2002 - No. 1(11)/2002-NER - Indian Law

Government of India Ministry of Commerce Industry (Department of Industrial Policy and Promotion) NOTIFICATION New Delhi, 28th November, 2003. No. 1(11)/2002-NER In pursuance of the announcement by the Prime Minister on 19th April, 2003 at Srinagar for creation of one lakh employment and self employment opportunities in Jammu Kashmir, the Government of India had set up a Task Force under Cabinet Secretary. The recommendations of Task Force were submitted to the Cabinet. To achieve this object of employment generation, the Cabinet has, inter-alia, approved following definition of the term substantial expansion for the purpose of incentives/subsidies notified as per O.M. No. 1(13)/2000-NER dated 14.06.2002. 2. The Central Government, therefore, hereby makes amendment in the Central Interest Subsidy Scheme, 2002 notified in the Notification of the Government of India in the Ministry of Commerce Industry, Department of Industrial Policy Promotion No. 1(11)/2002-NER dated 22nd October, 2002. The definition of the term Substantial Expansion appearing under para 5(d) of the Scheme may be substituted by the following:- Concessions for substantial expansion should extend to include all new investments by entrepreneurs, which leads to substantial additional employment creation by an existing entrepreneur without insisting on major expansion. However, credit under the Industrial Policy Package should not be merely for paying off old debts or for equipment already in place. ( S. Jagadeesan) Joint Secretary