The Government of India has notified the New Central Sector Scheme for Industrial Development of Union Territory of Jammu & Kashmir (J&K) on 19/02/2021 to attract capital investments in J&K with a financial outlay of Rs 28,400 crore (Upto the year 2037). The Scheme provides four types of incentives namely (i) Capital Investment Incentive, (ii) Capital Interest Subvention, (iii) Goods & Services Tax Linked Incentive and (iv) Working Capital Interest Subvention. The Government of Jammu & Kashmir has reported receiving proposals for investments worth approximately Rs.51,000 crore so far.
Moreover, in order to boost industrial development in UT, the Government of J&K has also notified the J&K Industrial Policy, J&K Private Industrial Estate Development Policy and J&K Industrial Land Allotment Policy.
This was stated by the Minister of State for Home Affairs, Shri Nityanand Rai in a written reply to a question in the Rajya Sabha today.