“The scheme will be effective from April 1, 2021 and will remain in force up to and inclusive of March 31, 2037”
Three committees, including an apex panel, have been constituted by the government for governance and implementation of a central sector scheme for the industrial development of Union Territory of Jammu and Kashmir, according to a commerce and industry ministry notification.
The three-member apex committee will be chaired by Union Home Minister Amit Shah. Union Commerce and Industry Minister Piyush Goyal and Lt. Governor of UT of Jammu and Kashmir Manoj Sinha are the members.
This apex committee will “decide upon any modification in the scheme within its overall financial outlay which have not been specifically delegated under the power and function of other committees,” the department for promotion of industry and internal trade (DPIIT)’s notification said.
The Jammu and Kashmir administration in January had announced a new industrial developmental scheme with a total outlay of Rs 28,400 crore to encourage new investment and to take industrial development to the block level and far-flung areas of the union territory.
The eight-member steering committee, to be chaired by DPIIT Secretary Guruprasad Mohapatra, will monitor the smooth implementation and issue detailed guidelines for execution including the different levels of delegation for registration and sanction of claims under the overall supervision of UT level committee.
It will also decide on matters relating to registration, commencement of production/operation, including extension of the dates. The steering committee would “get random/surprise inspections done to prevent misuse of the scheme through engagement of an independent third party or empanelment of qualified personnel for verification,” it added.
Further the Union Territory Level Committee will be chaired by Chief Secretary, UT of Jammu & Kashmir. This committee will monitor the overall implementation of the scheme and put in place proper checks and balances for ensuring transparency and efficiency in grant of registration, processing and approval of claims under the scheme.
As part of incentives, eligible industries would avail capital investment incentive; capital interest subvention; Goods and Services Tax Linked incentive; and working capital interest subsidy.
The scheme “will be effective from April 1, 2021 and will remain in force up to and inclusive of March 31, 2037,” the notification said. Registration will commence from April 1 and will continue till September 30, 2024. All units eligible under manufacturing and service sector will avail benefits under this scheme as defined under respective incentives. However certain industries will not be eligible for benefits under the scheme.
Those sectors include tobacco, pan masala, plastic carry bags of less than 20 micron, plantation, refineries and power generating units above 10 MW; gold, molasses, marble, revolvers and pistols. Further it said service sector units with a minimum investment of Rs one crore in building and other durable physical assets will be eligible for incentives under this scheme. The scheme would be applicable only for services listed in the positive list and that include tourism; ropeways, heritage property restoration; healthcare; IT; testing, R&D; logistic parks, warehousing; and educational services.
“All eligible units have to commence commercial production/operation within 3 years from the date of grant of registration,” it said. The Jammu and Kashmir Development Finance Corporation Ltd (JKDFC) or any other agency authorized in this regard by the Government of India will be the nodal agency for disbursal of incentives under various components of the scheme. (PTI inputs)
