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Benefits of North East Industrial Development Scheme extended to J&K

According to an official spokesman, till June 2017, the benefits given to new industrial units in J&K were largely similar to the benefits extended to northeastern States under the Industrial Development Scheme.

By: Express News Service | Jammu |
December 21, 2018 10:27:19 pm
North East Industrial Development Scheme benefits extended to J&K The Department of Industrial Policy and Promotion approved the extension of the benefits of the Northeast Industrial Development Package to J&K on Friday. (Representational photo)

In a major step towards promoting rapid industrialisation and economic prosperity in Jammu and Kashmir, the Department of Industrial Policy and Promotion (DIPP), Government of India on Friday approved extension of all benefits to industrial entrepreneurs in the state which are available to their counterparts in the North Eastern States under the North East Industrial Development Scheme.

According to an official spokesman, till June 2017, the benefits given to new industrial units in Jammu and Kashmir were largely similar to the benefits extended to northeastern States under the Industrial Development Scheme of the Government of India. “However, when a new scheme was approved for Jammu and Kashmir separately in 2017, only three benefits given to the North East were extended to J&K,” the spokesperson said adding that these included Capital Investment Incentive of 30 per cent, Interest Incentive of 3 per cent and Insurance Incentives – all for five years.

Following an intervention by Governor Satya Pal Malik and persistent efforts of J&K’s Industries Department with the Union Ministries concerned, the Department of Industrial Policy and Promotion, on Friday finally approved the extension of the benefits of the Northeast Industrial Development Package to Jammu and Kashmir as well, the spokesperson added.

The key additional benefits include; GST reimbursement of Central Share of CGST and IGST for five years, Income Tax reimbursement for 5 years, Transport Incentive of 20 per cent for transport by Railways or Waterways and 33 per cent by Air and Employment Incentive of an additional 3.67 per cent of employer’s contribution to EPF in addition to 8.33 per cent already paid by the Central Government under PMRPY. “In fact, these incentives are critical to attracting new investment and consequently, very few units took advantage of this scheme,” the spokesperson said.

This was a long-standing demand of various Chambers of Commerce in the state and of investors as well, the spokesperson added that these new incentives would give a tremendous boost to investment in Jammu and Kashmir especially in MSME sector, creating new job avenues for the local youth, revenue for the Government and a huge fillip to the State economy.

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