SRINAGAR: Jammu and Kashmir’s industrial sector is undergoing a notable transformation due to the success of the New Central Sector Scheme (NCSS). The scheme, launched in February 2021 with an outlay of Rs 28,400 crore, aims to attract businesses to the region by offering a comprehensive package of incentives, including capital investment subsidy, interest subvention, and GST-linked benefits.
In just two years, the scheme has gained momentum, registering a total of 672 units. The year 2023-24 witnessed seven Secretary Level Committee meetings, approving the registration of 304 units from various sectors, highlighting the scheme’s broad reach.
Substantial incentives were approved and disbursed in 2023-24, with Rs 62.5 crore through Capital Investment Incentive (CII), Rs 19 crore through Working Capital Interest Subvention (WCIS), and Rs 1.44 crore through Capital Interest Subvention (CIS). These approvals empower businesses to expand and create employment opportunities.
With six more SLC meetings planned, J&K is on track to surpass the Department of Promotion of Industry and Internal Trade (DPIIT) target of Rs 150 crore in incentive disbursal. This achievement will be a significant milestone in the UT’s industrial journey.
The Industrial Development Scheme (IDS) 2017, launched as a precursor to NCSS, plays a crucial role, offering incentives like central capital investment support, interest subsidy, GST reimbursement, and insurance. In 2023-24, IDS SLCs approved incentives worth Rs. 13 crore for J&K, complementing NCSS support and strengthening the industrial ecosystem.
Additionally, the UT Government supports industries through incentives like DG Set, Pollution Control Devices, etc., provided under the J&K Industrial Policy. The Industries & Commerce Department’s efforts are paving the way for a vibrant industrial landscape, focusing on attracting investment, fostering innovation, and creating a conducive business environment for sustained growth in Jammu & Kashmir.
