J-K’s Industrial Transformation Fuels Growth with New Central Sector Scheme (NCSS)

J-K's Industrial Transformation Fuels Growth with New Central Sector Scheme (NCSS)

VoM News Desk | January 1, 2024 | 10:13 PM IST | Jammu Kashmir | Follow on Google News

J-K’s Industrial Transformation Fuels Growth with New Central Sector Scheme (NCSS)

J-K’s Industrial Transformation Fuels Growth with New Central Sector Scheme (NCSS)

The industrial landscape of Jammu and Kashmir has witnessed a significant shift owing to the successful implementation of the New Central Sector Scheme (NCSS). Initiated in February 2021 with a substantial outlay of Rs 28,400 crore, the scheme aims to entice businesses to the region by offering an extensive range of incentives, such as capital investment subsidy, interest subvention, and GST-linked benefits.

In just two years, the scheme has gained substantial traction, attracting a total of 672 units. Notably, the year 2023-24 marked the approval of 304 units across diverse sectors through seven Secretary Level Committee meetings, showcasing the scheme’s broad-based approach.

The period witnessed significant approvals and disbursements of incentives amounting to Rs 62.5 crore through Capital Investment Incentive (CII), Rs 19 crore through Working Capital Interest Subvention (WCIS), and Rs 1.44 crore through Capital Interest Subvention (CIS). These approvals empower businesses to expand operations, fostering enhanced employment opportunities within the region.

With six more planned SLC meetings, Jammu & Kashmir is poised to surpass the Department of Promotion of Industry and Internal Trade’s (DPIIT) target of disbursing incentives worth Rs 150 crore. This remarkable achievement will mark a significant milestone in the region’s industrial journey.

The Industrial Development Scheme (IDS) 2017, functioning as a precursor to NCSS, remains pivotal by providing incentives like central capital investment support, interest subsidy, GST reimbursement, and insurance. In 2023-24, IDS SLCs approved incentives worth Rs. 13 crore, complementing the support from NCSS and fortifying the industrial ecosystem.

Moreover, the UT Government’s initiatives encompass further industry support through incentives for DG Set, Pollution Control Devices, etc., as outlined in the J&K Industrial Policy. The concerted efforts of the Industries & Commerce Department are paving the way for a dynamic industrial landscape, focused on attracting investments, stimulating innovation, and fostering a conducive business environment for sustained growth in Jammu & Kashmir.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.