Implementation of new central scheme for industrial development schemes
By: Ibni Maqbool
Srinagar, July 3: In a move aimed at effective implementation of new central sector scheme for industrial development of Jammu & Kashmir, the Government of India and Union Territory administration is mulling to set-up a project management unit (PMU) and project implementation units (PIUs).
Details available with The Precious Kashmir reveal that the PMU will be set-up at the Department of Promotion of Industry & Internal Trade (DPIIT) and PIU at each in Directorate of Industries, Jammu and Directorate of Industries, Kashmir.
To begin with, the DPIIT has decided to hire a consulting agency for PMU and PIUs for providing consultancy services to DPIIT and UT of Jammu and Kashmir for support in implementing the scheme.
“The objective is to provide consultancy services to DPIIT and UT Government of J&K in the implementation of new central sector scheme for industrial development of Jammu & Kashmir,” reads documents accessed by this newspaper.
On February 19, 2021, the Government of India notified central sector scheme for industrial development of Jammu & Kashmir .This industrial scheme is aimed at bringing about radical transformation in the existing industrial ecosystem of J&K, which will enable it to compete nationally with other leading industrially developed States/ UTs.
The scheme aims to give fresh thrust to industry and services led development of J&K with emphasis on job creation, skill development and sustainable development by attracting new investment and nurturing the existing one.
The scheme is for the duration of 2021-22 to 2036-37 with total financial out lay of Rs 28,400 crore.
It envisages four types of incentives-capital investment incentive, capital interest subvention, GST linked incentive and working capital interest incentive to new units, existing units and existing units that undertake expansion.
It is estimated that under this scheme nearly 1200 new units will be setup and about 4500 existing units will benefit from the working capital interest incentive.
The DPIIT is the nodal department for monitoring the scheme and is providing support to the UT government of Jammu & Kashmir for its effective implementation.