16-year central plan for industrial development of J&K
NEW DELHI, Feb 20: Centre on Saturday announced a 16-year central sector plan of Rs 28,400 crore for the industrial development of Jammu and Kashmir to generate employment of 4.5 lakh for the socio-economic development of the Union Territory.
The plan will be effective from April 1 this year and remain in force up to March 31, 2037. It will promote both smaller and larger units. The smaller units with an investment in plant and machinery up to Rs 50 crore will get a capital incentive up to 7.50 crore and the capital interest subvention at the rate of 6% for maximum seven years.
The plan aims to take industrial development to the block level in Jammu and Kashmir. It 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 without compromising on transparency.