Priyanka Poojary
Central government launched a new central sector scheme 2021 for industrial development in the union territory of Jammu & Kashmir. This scheme is mainly launched to boost the manufacturing and service sector of the economy. It is applicable to all the eligible manufacturing entities, service sector enterprises, registered business enterprises under Goods and Service Tax (GST). It will also increase the employment opportunities in the union territory. This scheme tends to focus on creating employment opportunities along with skill development and sustainable development. Total outlay of Rs. 28,400 crores are sanctioned for this scheme. On August 31, 2021 Home Minister Amit Shah launched an online portal for the scheme via video conferencing.
Overview:
| Scheme Name | New Central Sector Scheme 2021 for Jammu & Kashmir |
| Scheme Under | Central Government |
| Launch year | 2021 |
| Benefit | Generation of new employment opportunities and economic development of Jammu & Kashmir region |
| Incentives under the Scheme | Capital Investment Incentive, Capital Interest Subvention, GST linked Incentive and Working Capital Interest Subvention |
| Main Objective | To transform and boost industrial and economic development thereby generating new employment opportunities in Jammu & Kashmir region. |
| Total Outlay | Rs. 28,400 crores |
Objectives and Benefits:
- This scheme aims to develop the manufacturing and service sectors in the J&K region
- It aims to generate new employment opportunities in the region for about 78,000 people in various sectors.
- It tends to attract new investments along with boosting the existing ones
- This scheme will lead to development of the local businesses and industries thereby
- It intends to boost the direct investment.
- It not only focuses on new opportunities but also focus on the sustainable development of the region.
- This scheme is suitable to both MSMEs as well as larger units in the region.
- It will thus enable overall growth and economic development of the region at an increased level.
Key Points:
- Central government launched New Central Sector Scheme 2021 for Industrial Development in the Jammu & Kashmir region.
- This scheme was notified on February 19, 2021 aiming to give required boost to the economy of Jammu & Kashmir.
- This scheme aims to generate new employment opportunities in the region for about 78,000 persons in various sectors like Agriculture, Horticulture, Sericulture, Animal Husbandry, Dairy, Fisheries, etc.
- It would focus on backward linkage and engagement of women at household, craft, handicraft and handlooms in the region.
- This scheme aims at investment of more than Rs. 50,000 crores in the region
- Additional investment of Rs. 12,000 crore in establishing about 12,000 industrial units is expected.
- Along with new opportunities it also aims at skill development and sustainable development.
- It will benefit and give a boost to starting of new businesses and expansion of the existing ones thereby benefiting the local businesses and industries.
- MSMEs and larger units both will be benefited under the scheme
- Four types of incentives like Capital Investment Incentive, Capital Interest Subvention, GST linked Incentive and Working Capital Interest Subvention will be provided under this scheme.
- It tends to develop the manufacturing & service sector in the economy.
- On August 31, 2021 Home Minister Amit Shah launched online portal for registrations under the scheme
- Home Minister stated that his online portal is launched to conduct all the activities under the scheme including registration, documents upload and other activities online.
- It tends to avoid direct personal contact thereby ensuring transparency in the entire process.
- This initiative is thereby aimed at industrial and economic development of Jammu & Kashmir region.
- Total outlay approved for the scheme is Rs. 28,400 crores.
