UPSC Daily Important Topic – 22 September 2021

J & K INDUSTRIAL DEVELOPMENT SCHEME

The union Govt. has formulated the New Industrial Development Scheme for Jammu & Kashmir (J&K IDS, 2021).

ABOUT

  • It is a new central sector scheme for the development of Industries in the UT of Jammu & Kashmir.
  • The main purpose of the scheme is to generate employment which directly leads to the socio-economic development of the area.

FEATURES

  • The scheme is made attractive for both smaller and larger units.
  • Smaller units with an investment in plant & machinery upto Rs 50 core will get a capital incentive upto Rs 7.5 core and get capital interest subvention at the rate of 6% of a maximum of 7 years.
  • The scheme aims to take industrial development to the block level in UT of J &K.
  • The scheme 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.

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