LG announces new industrial development scheme worth Rs 28,400 cr for Jammu and Kashmir

Jammu and Kashmir Lieutenant Governor Manoj Sinha announced a new industrial development scheme worth Rs 28,400 cr for Jammu and Kashmir on Thursday. Sinha said that this scheme is from the period of the date of notification up to the year 2037.

Jammu:The Jammu and Kashmir administration on Thursday announced a new industrial developmental scheme (IDS) with a total outlay of Rs 28,400 crore to encourage new investment and to take industrial development to the block level and far-flung areas of the Union territory.

"In a major decision of far-reaching consequence, Government of India has approved a new Industrial Developmental Scheme for Jammu and Kashmir," Lieutenant Governor Manoj Sinha announced at a press conference here.

• Government approves Central Sector Scheme for Industrial Development of Jammu & Kashmir
• For the first time, any industrial incentive scheme is taking the industrial development to the block level
• Scheme is upto the year 2037 at a total cost of Rs. 28,400 crore
• Scheme while encouraging new investment, also nurtures the existing industries in Jammu and Kashmir by providing them working capital support at the rate of 5% for 5 years
• Main purpose of the scheme is to generate employment which directly leads to the socio economic development of the region
• Aims at development of Manufacturing as well as Service Sector Units in Jammu and Kashmir
• Scheme visualises larger role of UT of Jammu and Kashmir

"The scheme will go a long way in ushering an era of socio-economic development of the region and for catering to the aspirations of people," he said.

Sinha said that this scheme is from the period of date of notification up to the year 2037 with a total outlay of Rs 28,400 crore.

With agency inputs