Bengaluru: As per a report in Livemint, the Union Cabinet, which is headed by Prime Minister Narendra Modi, okayed an incentive scheme worth Rs 28,400 crore to give a massive fillip to the Union territories’ industrial development.
The outlay of the scheme is until 2037 and as much as Rs 1,123.84 crore has already been disbursed under various special packages, the website adds.
It is called New Industrial Development Scheme for Jammu and Kashmir (J-K IDS, 2021), the scheme includes GST linked incentives which would ensure lower compliance burden without any compromise on transparency.
The scheme would provide the smaller industrial units, with an investment in plant and machinery up to Rs 50 crore, a capital incentive of up to Rs 7.5 crore and additional capital interest subvention at the rate of 6 per cent for maximum seven years.
As per the Government, the scheme intends to give a fresh thrust to job creation, skill development and sustainable development by attracting new investment and nurturing the existing ones.