Home Minister Amit Shah launches web portal for registrations of units for industrial development in J&K

The web portal launched by Home Minister Amit Shah will be for the registrations of units under the ‘New Central Sector Scheme 2021’ for Jammu & Kashmir.

Created On: Aug 31, 2021 17:50 IST
Amit Shah launches web portal
Amit Shah launches web portal

The Union Home Minister Amit Shah on August 31, 2021, launched a web portal for the registration of units for industrial development in UT Jammu & Kashmir.

Union Minister Dr. Jitendra Singh and Union Commerce and Industry Minister Piyush Goyal were also present at the inauguration of the web portal for the registrations of units under the ‘New Central Sector Scheme 2021’ for Jammu & Kashmir.

Earlier on August 4, 2021, the Minister of State in the Ministry of Commerce and Industry, Som Parkash, in a written reply to Lok Sabha, had informed that the Department for Promotion of Industry and Internal Trade has notified ‘New Central Sector Scheme for Industrial Development of J&K’.

Significance:

The web portal launched by the Home Minister for the registration of units under the ‘New Central Scheme 2021’ for J&K will be given access to the business houses not only within India but also across the globe to register online.

They will also be able to find out details of the New Industrial policy including Industrial estates, incentives, land availability, and the host of features required for the purpose.

New Central Sector Scheme for Industrial Development of J&K: Details

•  The scheme was notified with a financial outlay of Rs. 28,400 crores on February 19, 2021, and has been effective from April 1, 2021, to March 31, 2037.

•  The Industrial Development scheme in Jammu & Kashmir is applicable for any eligible industrial (manufacturing) entity or the eligible service sector enterprise other than those run departmentally by the Government, which is a registered business enterprise under Goods and Services Tax.

•  The scheme also has four incentives namely Capital Interest Subvention, Capital Investment Incentive, Working Capital Interest Subvention, and Goods and Service Tax Linked Incentive (GSTLI).

Scheme for Industrial Development of J&K: Significance

•  The scheme will help in the creation of more employment opportunities in J&K as well as the promotion of tourism in the region.

•  The expected direct employment generation is anticipated to be nearly 78,000 persons. The scheme also has the potential to trigger much more gainful employment indirectly.

•  The Industrial Development Scheme in J&K also has the potential to promote tourism activities in the region.

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