SRINAGAR: The Centre has approved the utilisation of Rs 5,630.75 crore available under the New Central Sector Scheme (NCSS) for Industrial Development of Jammu and Kashmir to register additional eligible industrial units currently on the waiting list.
The decision was taken by the Apex Committee, which has allowed the available funds to be used for registering more eligible units while directing that the overall financial liability under the scheme remain within the approved ceiling of Rs 28,119 crore.
As many as 918 industrial units have already been registered under the scheme.
Of the Re 5,630.75 crore now available, around Rs 4,551.01 crore has accrued from the difference between the investment projected in Detailed Project Reports and the actual final investment made in plant and machinery. Another Rs 1,079.74 crore remains available from the approved allocation under the scheme.
The Apex Committee has also permitted reappropriation of funds among different incentive components according to actual and projected requirements. These include the Capital Investment Incentive, Capital Interest Subvention, Goods and Services Tax-linked Incentive and Working Capital Interest Subvention.
The reallocation, however, will not increase the overall approved financial outlay of the scheme.
The existing registration process will continue, with priority determined according to the date of registration. The registration date will be treated as the date on which an applicant completes and uploads all required documents on the designated portal.
Authorities have been directed to ensure transparency in the process. Any deficiency, error or missing document in an application must be communicated to the applicant through the portal within the prescribed timeframe.
The Apex Committee had met in New Delhi on July 11 under the chairmanship of Union Home Minister Amit Shah. The meeting was attended by Union Minister for Commerce and Industry Piyush Goyal, Jammu and Kashmir Lieutenant Governor Manoj Sinha, Union Home Secretary Govind Mohan, Chief Secretary Atal Dulloo, Commissioner/Secretary Industries and Commerce Vikramjit Singh and other senior officials.
The NCSS for Industrial Development of Jammu and Kashmir was launched on April 1, 2021, with an approved outlay of Rs 28,400 crore and is scheduled to remain operational until 2037.
The scheme aims to attract investment, promote industrial activity and generate employment in Jammu and Kashmir. The administration has been seeking an increase in the incentive allocation to around Rs 75,000 crore, citing the response to the scheme and the number of industrial proposals awaiting registration.
Units registered under the scheme will remain eligible for the prescribed incentives until 2037. The policy is also aimed at supporting expansion of existing businesses and creating employment opportunities across the Union Territory.
