Srinagar: 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 KNO, 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.