Srinagar, Aug 04 (KNO): The Ministry of Commerce and Industry Wednesday stated that the new Industrial Policy announced for Jammu and Kashmir will help in creation of more employment opportunities for the youth and promotion of tourism in the region.
The minister of State for Commerce and Industry Som Prakash while responding to the queries in the parliament about New Industrial policey, said: “The Department for Promotion of Industry and Internal Trade has notified New Central Sector Scheme for industrial development of Jammu and Kashmir with financial outlay of Rs. 28,400 crore on 19/02/2021 and is effective from 01.04.2021 to 31.03.2037.”
"The scheme is applicable for any eligible industrial (manufacturing) entity or eligible service sector enterprise other than those run departmentally by Government, which is registered business enterprise under Goods and Service Tax", the reply reads, as per news agency-Kashmir News Observer (KNO). "The scheme offers four incentives namely, Capital Investment Incentive, Capital Interest subvention, Goods & Service Tax Linked Incentive (GSTLI) and Working Capital Interest Subvention."
Regarding the opportunities, the MoS stated that "definitely the Scheme will help in creation of more employment opportunities and promotion of tourism in the region."
"The estimated direct employment generation is anticipated to be nearly 78000 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" the reply informed—(KNO)