HM Amit Shah launches web portal to register units under New Central Sector Scheme for J&K

Union Home Minister Amit Shah has launched a web portal on Tuesday for the registration of units for industrial development in Jammu and Kashmir. The Home Minister unveiled the web portal to register units under the New Central Sector Scheme 2021 in the presence of Union Commerce and Industry Minister Piyush Goyal and Union Minister Dr Jitendra Singh. The inauguration of the web portal was done via video conferencing. The Minister said that the new industrial policy is an accomplishment of Prime Minister Narendra Modi's commitment to the comprehensive development of the Union Territory following revocation of Article 370 and 35A by creating employment opportunities and promotion of tourism in the region.

'Youth to hugely benefit from new industrial policy'

"The atmosphere that is being created in Jammu and Kashmir will provide scope for existing and new industries to grow and develop in the region. I am sure youths in the region will be hugely benefitted by the new industrial policy. The policy will also help develop IT and education in the UT," the Home Minister said.

"The interactive portal will enable youths, aspirants to register and upload their testimonies directly without any physical presence, which will immediately be reviewed and responded by the Jammu and Kashmir administration," Home Minister Amit Shah added.

Minister of State in the Ministry of Commerce and Industry, Som Parkash, on August 4, in a written reply in the lower house had notified that the Department for Promotion of Industry and Internal Trade announced "New Central Sector Scheme for 'industrial development of Jammu and Kashmir' with a budgetary expense of Rs 28,400 crore on February 19, 2021 and that the scheme will be effective from April 1, 2021, to March 31, 2037."

Scheme eligible for any industrial entity or eligible service sector enterprise

Minister Prakash also made it clear that the scheme will be applicable for any eligible industrial (manufacturing) entity or eligible service sector enterprise other than those run departmentally by Government, a registered business enterprise under Goods and Service Tax. The Minister of Commerce and Industry also said that the scheme offers four incentives: Capital Investment Incentive, Capital Interest subvention, Goods and Service Tax Linked Incentive (GSTLI) and Working Capital Interest Subvention.

"The scheme will help in the creation of more employment opportunities and promotion of tourism in the region. The estimated direct employment generation is anticipated to be nearly 78,000 persons, however, the scheme has potential to trigger much more gainful employment indirectly and also, has potential to further promote tourism activities in Jammu and Kashmir," Parkash had stated.

With Inputs from ANI

Image Credit: AMIT SHAH Twitter