In order to give industrial development the necessary impetus, projects worth more than Rs 36,000 crore in J&K have been allotted suitable land out of total investment applications worth more than Rs 54,000 crore.
Additionally, a number of unique steps have been taken to promote the overall development of the Union Territory.
“Jammu and Kashmir have received investment applications of more than Rs 54,000 crore under this scheme (Industrial Development Scheme) out of which projects worth more than Rs 36,000 crore have been allotted industrial land by the Government of the J&K”.
The Ministry of Home Affairs said that a new Central Sector Scheme was notified on February 19, 2021, for the industrial development of the Union Territory of J&K with an outlay of Rs 28,400 crore.
“A number of purposeful initiatives have also been taken by the government to support development in Jammu and Kashmir, particularly in light of the removal of Article 370.”
Earlier this year, the central government approved a new industrial development scheme for the Union Territory with a total outlay of Rs 28,400 crore.
The scheme will remain in force from the date of its notification till 2037. The government aims to take industrial development in Jammu and Kashmir to the block level.
Officials informed that the un-utilised land after eviction from existing leaseholders will be allotted to unit holders under the new Industrial policy. “ Government is having two-pronged strategies: on one hand new industrial estates are being established while on the other hand unutilised land in prime industrial estates is also being retrieved.”
The scheme will encourage new investment, and substantial expansion and also nurture the existing industries in the Union Territory. It will also provide employment to 4.5 lakh people besides leading to the equitable, balanced and sustainable socio-economic development of the region.
The new scheme provides for capital investment incentive at the rate of 30 per cent in Zone-A and 50 per cent in Zone-B on investments made in plants and machinery (in manufacturing), or construction of buildings and other durable physical assets (in the service sector).