Daily Current Affairs Article 9th January 2021: The Cabinet Committee on Economic Affairs (CCEA) has approved a scheme for the industrial development of Jammu & Kashmir. The proposal of Department for Promotion of Industry and Internal Trade for the Central Sector scheme has been approved with a total outlay of ₹28,400 crore up to 2037.
Government of India has formulated New Industrial Development Scheme for Jammu & Kashmir (J&K IDS, 2021) as Central Sector Scheme for the development of Industries in the UT of Jammu & Kashmir.
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The main purpose of the scheme is to generate employment which directly leads to the socio economic development of the area.
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.
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).
GST Linked Incentive: 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.
Working Capital Interest Incentive: All existing units at the annual rate of 5% for maximum 5 years. Maximum limit of incentive is Rs 1 crore.
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