Metro in J&K by Dec 2023, 6000 jobs for KPs by May
*Govt to nurture existing industries too
Creation of new distts under consideration
Sanjeev Pargal
JAMMU, Jan 7: Lieutenant Governor Manoj Sinha today announced Rs 28,400 crore worth new Industrial Scheme for Jammu and Kashmir, which was cleared by the Central Government yesterday, and will be valid till 2037. It will generate 4.5 lakh jobs and has number of incentives for the industry as well as safeguards to ensure that the Policy isn’t misused to secure benefits only.
Sinha unveiled the Policy at a press conference here this morning.
The new Industrial Developmental Scheme with a total outlay of Rs 28,400 crore will encourage new investment and take industrial development to the block level, Sinha said, adding the Policy will go a long way in ushering an era of socio-economic development of the region and for catering to the aspirations of people.
The Policy will come into effect from the period of date of notification up to the year 2037.
“This is for the first time that any industrial incentive scheme is taking development to the block level to promote far flung areas,” the Lieutenant Governor said.
The scheme will encourage new investment, substantial expansion and also nurture the existing industries in the Union territory. It will also provide employment to 4.5 lakh people besides leading to equitable, balanced and sustainable socio-economic development of the region, he said. Besides 4.5 lakh direct and indirect employment opportunities, the working capital interest subvention will give indirect support to about 35,000 persons.
Sinha added that manufacturing and service sector units in Jammu and Kashmir will benefit and noted that the scheme visualizes a larger role of Jammu and Kashmir in the Indian economy.
“It will optimize utilization of the local strengths of Jammu and Kashmir,” he said.
Elaborating on the new scheme, Sinha said it will give a major push to the economy of the region and provide huge opportunities of employment to the people of Jammu and Kashmir.
“The main purpose of the scheme is to generate employment beyond Government jobs in both manufacturing and service sectors,” he added.
At the same time, he said there are enough safeguards to ensure that the incentives are not misused by the industry.
“Incentives will be released gradually. Land can be taken back if it surfaces that the industry has been set up for securing incentives only,” he added.
Sinha said the scheme is being implemented with the vision that industry and service-led development of Jammu and Kashmir needs to be given a fresh thrust with emphasis on job creation, skill development and sustainable development by attracting new investment and nurturing the existing ones.
“The scheme will provide a major support to local industry besides creation of new business opportunities,” he added.
The scheme has four more incentives, the Lieutenant Governor said.
He added that capital investment incentive will be made available at the rate of 30 per cent in Zone A (urban) and 50 per cent in Zone B (rural) on investment made in plant and machinery (in manufacturing) or construction of building and other durable physical assets (in service sector).
“Units with an investment up to Rs 50 crore will be eligible to avail this incentive. Maximum limit of incentive is Rs 5 crore and Rs 7.5 crore in Zone A and Zone B respectively,” he added.
Similarly capital interest subvention is at the annual rate of 6 per cent for maximum seven years on loan amount up to Rs 500 crore for investment in plant and machinery (in manufacturing) or construction of building and all other durable physical assets( in service sector), he added.
Besides this, GST linked incentive is a financial incentive based on gross GST and this will incentivize output up to 300 per cent of the eligible value of actual investment made in plant and machinery (in manufacturing) or construction in building and all other durable physical assets (in service sector) for 10 years, he said.
However, the amount of incentive in a financial year will not exceed one-tenth of the total eligible amount of incentive, he added.
Sinha further said that the working capital interest incentive is for all existing units at the annual rate of five for maximum five years and maximum limit of incentive is Rs 1 crore.
Giving details about key features, he said that the scheme has been made attractive for both smaller and larger units.
“Smaller units with an investment in plant and machinery up to Rs 50 crore will get a capital incentive up to Rs 7.5 crore and get capital interest subvention at the rate of 6 per cent for maximum seven years”, he added.
Sinha said it will be ensured that implementation of the new Scheme shall be done in a manner which is friendly and hassle free for the investors. It will also be ensured that entrepreneurs from J&K and outside find smooth and progressive ecosystem for their business plans.
“The scheme will bring radical transformation in the existing industrial ecosystem of J&K with emphasis on job creation, skill development and sustainable development by attracting new investment and nurturing existing ones enabling J&K to compete nationally with other leading industrially developed States/UTs of the country,” he added.
In response to another question about regional discrimination, he said that Kashmir and Jammu regions are two eyes and there will be no regional and religious discriminations with any region.
He disclosed that Metro services will run in Jammu and Kashmir in December 2023.
On rehabilitation of Kashmiri Pandits, Sinha said all 6000 jobs excepting 167 have been advertised for them and the posts will be filled by May while construction of 6000 houses has been taken up.
“Tender has been floated for 3500 houses and for rest land has been identified. This task will also be completed in two years. I have been regularly meeting with Associations of the Kashmiri Pandits,” he added.
On reorganization of the districts, he said whenever this is done the media will be informed.
Troops’ morale can’t be lowered
Lieutenant Governor Manoj Sinha today said he will give an “appropriate answer” after looking into the facts in connection with December’s Lawaypora encounter in Srinagar in which three suspected militants were killed by security forces.
He said that he is looking into the facts that have come to him.
“All facts are coming to us. I am personally looking into the issue. At appropriate time, we will give you an appropriate answer. Morale of the security forces can’t be lowered,” Sinha said in response to a question at a press conference.
A journalist had asked him whether the Government will order a probe into the Lawaypora encounter and return the bodies to the families in a bid to do justice. The families are demanding the return of bodies and probe into the encounter.
Security forces had said three local militants were killed in the encounter. Their families, however, said the youths killed in the encounter were civilians.
Sinha further said that if there is any suspicion, a probe will be done.
“But Jammu and Kashmir is a sensitive Union Territory. I feel there is a need to maintain a fine balance (in bid to ensure the morale of forces does not fall),” he said.
Good news soon on 4G
Lieutenant Governor Manoj Sinha said today that the people will soon get good news on restoration of 4G services in Jammu and Kashmir.
“There is a committee examining the issue. Hopefully, there will be good news soon in the coming days,” he told a press conference.
It may be mentioned here that 4G services are operational only in Ganderbal and Udhampur districts of Jammu and Kashmir while in rest parts of the UT only 2G services are working causing lot of inconvenience to the people especially students.
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