New Central Sector Scheme for industrial development of Jammu and Kashmirwill help in creation of more employment opportunities and promotion of tourism in the region

The Department for Promotion of Industry and Internal Trade has notified “New Central Sector Scheme for industrial development of Jammu and Kashmir” with financial outlay of ₹ 28,400 crore on 19/02/2021 and is effective from 01.04.2021 to 31.03.2037. The scheme is applicable for any eligible industrial (manufacturing) entity or eligible service sector enterprise other than those run departmentally by Government, which is registered business enterprise under Goods and Service Tax.

The scheme offers four incentives namely (i) Capital Investment Incentive, (ii) Capital Interest subvention, (iii) Goods & Service Tax Linked Incentive (GSTLI) and (iv) Working Capital Interest Subvention.

Definitely the Scheme will help in creation of more employment opportunities and promotion of tourism in the region. The estimated direct employment generation is anticipated to be nearly 78000 persons, however, the scheme has potential to trigger much more gainful employment indirectly and also, has potential to further promote tourism activities in Jammu and Kashmir.

This information was given by the Minister of State in the Ministry of Commerce and Industry, Shri Som Parkash, in a written reply in the Lok Sabha today.