J&K Industrial Package will bring double digit growth & double engine development: Thakur

Jammu : Anurag Singh Thakur, Union Minister of State for Finance and Corporate Affairs, in-charge of Jammu and Kashmir DDC elections, has stated, “we have kept our promise and under PM Narendra Modi’s leadership announced a historic industrial package worth Rs 28,400 crore. We won the elections on the agenda of development and are working for delivering it at every block in J&K region. The people chose the ballot and now we will deliver them unprecedented development in all sectors and spheres. The package will boost local manufacturing, nurture new talent and encourage new enterprise. We want this region to be key driver in our Aatma Nirbhar Bharat vision.”

Thakur said, “the Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi approved the proposal of Department for Promotion of Industry and Internal Trade for Central Sector Scheme for Industrial Development of Jammu & Kashmir. The scheme is approved upto the year 2037. The main purpose of the scheme is to generate employment which directly leads to the socio-economic development of the area.”

Thakur said, “the youth of J&K will get lakhs of employment opportunities, the traders will get a huge boost and various sectors will see new avenues of growth through this industrial package. These schemes will bring about a radical transformation in the existing industrial ecosystem of J&K with emphasis on job creation, skill development, and sustainable development by attracting new investment and nurturing the existing ones, thereby enabling J&K to compete nationally with other leading industrially developed States/UTs of the country.”

Thakur further said, “the proposed scheme is likely to attract unprecedented investment and give direct and indirect employment to about 4.5 lakh persons. The working capital interest subvention of the scheme is likely to give indirect support to about 35,000 persons. This is going to be a game-changer in the growth of the region.”

She Thakur explained the scheme and said, “there are various incentives that the region will get. They are Capital Investment Incentive at the rate of 30% in Zone A and 50% in Zone B on investment made in Plant & Machinery (in manufacturing) or construction of building and other durable physical assets (in service sector) is available. Units with an investment upto Rs. 50 crore will be eligible to avail this incentive. Maximum limit of incentive is Rs 5 crore and Rs 7.5 crore in Zone A & Zone B respectively. The Capital Interest subvention, at the annual rate of 6% for maximum 7 years on loan amount up to Rs. 500 crore for investment in plant and machinery (in manufacturing) or construction of building and all other durable physical assets(in service sector). Next, the GST Linked Incentive, where in 300% of the eligible value of actual investment made in plant and machinery (in manufacturing) or construction in building and all other durable physical assets(in service sector) for 10 years. The amount of incentive in a financial year will not exceed one-tenth of the total eligible amount of incentive. And lastly, the Working Capital Interest Incentive, where all existing units at the annual rate of 5% for maximum 5 years. Maximum limit of incentive is Rs 1 crore.”