Jammu Tawi, December 31: Jammu & Kashmir's industrial sector is witnessing a remarkable transformation, fuelled by the success of New Central Sector Scheme (NCSS).
Launched in February 2021 with a substantial outlay of Rs. 28,400 crore, NCSS offers a comprehensive package of incentives to attract businesses to Jammu & Kashmir. These incentives included capital investment subsidy, interest subvention, and GST-linked benefits, making the UT a lucrative destination for entrepreneurs.
The scheme has gained impressive momentum in just two years, with a total of 672 units registered under NCSS, a testament to its impact.
Out of 304 units registered, 218 from Jammu Division and 86 from Kashmir Division. These units represent a diverse range of sectors, including manufacturing and services, indicating the scheme's broad reach and impact.
Furthermore, NCSS has already started disbursing substantial incentives. In 2023-24, Rs. 62.5 crore were approved 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 and subsequent disbursement are directly empowering businesses, enabling them to expand their operations and create new employment opportunities.
With 6 more SLC meetings planned in the remaining quarter of FY 2023-24, J&K is well on track to surpass the Department of Promotion of Industry and Internal Trade (DPIIT) target of Rs. 150 crore in incentive disbursal. This achievement will be a significant milestone in the UT's industrial journey.
In 2023-24, IDS SLCs approved incentives worth Rs. 13 crore for J&K. These additional incentives complement the support provided by NCSS, further strengthening the industrial ecosystem in the UT. Besides, Rs 4 crore have also been approved by State level committee under Central Package I & II to the Unit holders of J&K.
This transformation will not only generate employment opportunities but also contribute significantly towards J&K's overall economic development and prosperity.
