Exclusive Industrial Development Scheme in J&K (subsidy on capital investment)
Dr. Drabu, the finance Minister of the state of J&K will soon come up with a new scheme enhancing industrial sector in the state. The scheme namely Exclusive Industrial Development Scheme will help the industries to promote and expand more across the state. Under this scheme subsidy on capital investment will be provided.
On Tuesday, 16th Jan 2018, the Finance Minister of the state Dr. Drabu has launched this scheme. In a meeting about the Budget 2018-19 the FM has started a handful of schemes for the industry and business sector in the state. While wrapping up the meeting the FM has announced about the scheme.
- Objective: Under this scheme industrial sectors which are newly set up, will be eligible to get capital subsidy and many other benefits from the state government.
- Aim: The scheme aims at providing all sorts of benefits to the business sectors across the state, so that they can expand their business more and the industries can grow more.
Benefits under the scheme
- The state will provide 30% subsidy on every capital investment by the entrepreneurs for building up new unites, hotels and other factory sheds under manufacturing industry and service sectors.
- For the new industrial plants and units under service sectors and manufacturing industries, 3% interest subsidy will be provided. Also 100% insurance subsidy will be provided to all the new establishments across the state of J&K.
- For the start-ups by Scheduled Caste and Scheduled Tribe categories, Rs. 5 Cr interest subvention will be given. Along with that Rs. 15 Cr will be added for each of the new cases of widow and old age pension across the state.
- Widowed daughter of the late government employees will also be eligible for pension. Before this scheme married daughters, windowed or not, weren’t eligible for receiving pension of their late parents who were government employees.
- For the government employees there are few benefits such as refreshment hike for the ones who are working overtime, special duty allowance of 10% to the employees for working in difficult areas and hike in the travel allowances for the engineers.
Along with the Exclusive Industrial Development Scheme, there are other schemes that the state has started in last budget. Most of the schemes are launched to enhance and encourage the business sectors across the state. The finance ministry is hopeful that with launching this scheme more entrepreneurs will be able to set up new businesses in the state.