The Chief Secretary, Dr. Arun Kumar Mehta attended a meeting with the Union Home Secretary and Union Secretary, Ministry of Roads, Transport & Highways to discuss the modalities of the New Central Sector Scheme for Industrial Development for Jammu and Kashmir.
Principal Secretary of Industries and Commerce Department was also present in the meeting.
It was informed that to give impetus to the industrial development of the Union territory, the Central Government will soon be launching a dedicated industrial scheme for Jammu and Kashmir.
The scheme is being designed to benefit both MSMEs and larger industries. It will not only encourage new investments but will also nurture existing industries.
The new scheme will provide incentives for capital investment, capital interest subvention, capital investment loan, GST linked incentives for plant and machinery, and working capital interest subvention.
It may be mentioned that industrial development in J&K is one of the foremost priorities of the Government and is expected to create significant employment opportunities in Jammu and Kashmir.