Centre Clears ₹5,630 Crore for Additional Industrial Registrations Under J&K Scheme
Eligible Units on Waiting List to Get Registration; Overall Financial Liability Capped at ₹28,119 Crore
JAMMU, AUG 10 (KNC): In a major boost to industrial development in Jammu and Kashmir, the Government of India has approved the utilisation of ₹5,630.75 crore available under the New Central Sector Scheme (NCSS) for Industrial Development of Jammu and Kashmir for registering additional eligible industrial units.
The decision is expected to provide relief to industrial units currently on the waiting list and allow them to seek registration under the scheme. So far, 918 industrial units have already been registered under the scheme.
According to the official communication conveyed to the Jammu and Kashmir administration, around ₹4,551.01 crore has become available due to the difference between the investment projected in Detailed Project Reports and the actual final investment made in plant and machinery.
In addition, around ₹1,079.74 crore remains available from the approved allocation under the scheme. The Apex Committee has accordingly permitted the utilisation of the available funds for registering more eligible industrial units.
However, the Committee has made it clear that the overall financial liability under the scheme must remain within the approved ceiling of ₹28,119 crore.
Funds Can Be Reallocated Among Incentive Components
The Apex Committee has also permitted fungibility and reappropriation of funds among various incentive components based on actual and projected requirements.
These components include the Capital Investment Incentive, Capital Interest Subvention, Goods and Services Tax-linked Incentive and Working Capital Interest Subvention.
The reallocation of funds will not lead to any increase or alteration in the overall approved financial outlay of the scheme.
Existing Registration Procedure to Continue
The Jammu and Kashmir Government will continue to follow the existing registration procedure, with priority being determined on the basis of the date of registration.
The registration date will be considered as the date on which the applicant has completed and uploaded all the required documents on the designated portal.
Authorities have also been directed to maintain complete transparency in the registration process. Any deficiency, error or missing document in an application will have to be communicated to the concerned applicant through the portal within the prescribed timeframe.
Apex Committee Meeting Held Under Amit Shah
The Apex Committee had earlier met in New Delhi on July 11 under the chairmanship of Union Home Minister Amit Shah.
The meeting was attended by Union Minister for Commerce and Industry Piyush Goyal, Lieutenant Governor of Jammu and Kashmir Manoj Sinha, Union Home Secretary Govind Mohan, Chief Secretary Atal Dulloo, Commissioner/Secretary Industries and Commerce Jammu and Kashmir Vikramjit Singh and other senior officials.
Industrial Scheme Launched in 2021
The New Central Sector Scheme for Industrial Development of Jammu and Kashmir was launched on April 1, 2021, with an approved outlay of ₹28,400 crore, and is scheduled to remain operational until 2037.
The scheme seeks to attract fresh investment, promote industrialisation, expand business activity and create employment opportunities across the Union Territory.
The Jammu and Kashmir administration has also been seeking an enhancement of the incentive allocation to around ₹75,000 crore, citing the strong response to the scheme and the large number of industrial proposals awaiting registration.
Industrial units registered under the scheme will remain eligible to avail the prescribed incentives until 2037. The policy is expected to further strengthen investment, facilitate expansion of existing businesses and generate employment across Jammu and Kashmir.
The Central Government introduced the industrial policy in 2021 with the objective of giving a major push to industrial development in Jammu and Kashmir and creating around three lakh employment opportunities in the Union Territory. (KNC)
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