J&K: Home Minister Launches Portal For Industrial Development

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The Logical Indian Crew

J&K: Home Minister Launches Portal For Industrial Development

Home Minister said that the new industrial investment scheme is the fulfilment of Narendra Modi's promise after the revocation of Article 370 and Article 35A.

Home Minister Amit Shah launched a web portal that would aid benefit in registering units under the 'Central Sector Scheme For Industrial Development of Jammu Kashmir'. He said that the scheme would bring investments worth more than ₹50,000 crore to the Union Territory and facilitate all-inclusive and all-around development.

He also mentioned that the scheme's launch is a new dawn for Investment and Development in Jammu & Kashmir. With the launch of the web portal, registration is now open for the biggest ever industrial scheme for the region's development.

No Human Interface

Amit Shah attended the launch event virtually via video conferencing. Apart from the Home Minister, Union Commerce & Industry, Food & Public Distribution and Textiles Minister Shri Piyush Goyal attended the virtual ceremony. Shri Piyush Goyal said that the beginning of this portal and the rollout of the Central Scheme were historic.

The portal will also ensure effective implementation of the scheme transparently with the objective of ease of doing business, with no human interface. The Press Information Bureau (PIB) reported that the scheme aims to give a new thrust to industry and services led development of the UT, with a particular emphasis on job creation, skill development and sustainable development.

Benefit To MSME & Larger Units

The total financial incentive amounting to ₹28,400 crore envisages investment under four heads: Capital Investment Incentive; Capital Interest Subvention; GST Linked Incentive; and Working Capital Interest Subvention. The scheme is attractive for both MSMEs and other larger units. The GST linked component will allow lesser burden and more transparency. The entire process under the scheme, i.e. applying for registration, submitting claims, and processing within the Department is deliberately done through the portal to avoid human interface.

Calling it the most extensive investment scheme that aims to bring a radical transformation into the existing industrial ecosystem of J&K, the Minister mentioned that it would compete with other industrially equipped states or Union Territories.

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