New dawn for investment, business development in J&K: Amit Shah

INTERNATIONAL DESK: Indian Home Minister Amit Shah on Tuesday called the launch of a web portal for registration of units for industrial development in Jammu and Kashmir a “new dawn” for investment and business development in the Union Territory, adding that over Rs 50,000 crore is now expected.

“It’s a new dawn for investment and business development in Jammu and Kashmir,” he said in an official statement.

Earlier today, Shah virtually inaugurated the online portal for registration under the new Central Sector Scheme for Industrial Development of Jammu and Kashmir in the presence of Union Commerce and Industry Minister Piyush Goyal and Union Minister Dr Jitendra Singh.

Shah said that Prime Minister Narendra Modi had said that after the abrogation of Articles 370 and 35A, a new beginning of employment and prosperity will start in Jammu and Kashmir and the promise he made to the people of Jammu and Kashmir will be fulfilled, which is a big milestone. He said that this interactive web portal will attract investment of more than Rs 50,000 crore in Jammu and Kashmir and will lead to inclusive, all-round development of the Union Territory.

The Union Home Minister said that the benefits of this did not reach Jammu and Kashmir, the youth here had to depend on government undertakings for employment.

“The biggest obstacle in this were Articles 370 and 35A, but after the abrogation of these Articles under the leadership of Shri Narendra Modi on August 5, an open environment was created, and employment opportunities were created for Jammu and Kashmir,” he said.

Shah said that the work of creating an environment of development had started in Jammu and Kashmir from 2019. He said for the all-round development of Jammu and Kashmir, the Prime Minister had announced a package of Rs 80,068 crore in Srinagar on November 7, 2015, out of which 54 projects worth about Rs 58,627 crore have been started, out of which 17 projects have been fully completed, according to the Ministry of Home Affairs.

As per an official statement from the Ministry of Commerce and Industry, Shah said that investment of more than Rs 50,000 crore is now expected to take place in Jammu and Kashmir.

Speaking on the occasion, Goyal said that the beginning of the online portal and roll-out of Central Sector Schemes is historic. He also said that this mechanism would further improve ease of doing business and bring all-round transparency.

According to the Ministry of Commerce and Industry, the online portal has been designed and developed for effective implementation of the scheme in a transparent manner and with the objective of ease of doing business.

“The entire process under the scheme i.e. applying for registration, submitting claims and their processing within the Department, is through the portal deliberately done to avoid human interface,” it said.

The ministry further stated that after the launch, the ever biggest industrial scheme which is expected to bring about radical transformation in the existing industrial ecosystem of Jammu and Kashmir to compete with other leading industrially developed States/ UTs of the country stands opened for registration of eligible units under the Scheme.

The scheme aims to give fresh thrust to industry and services led development of Jammu and Kashmir with emphasis on job creation, skill development and sustainable development by attracting new investment and nurturing the existing ones, said the Ministry.

It also supports employment to about 35,000 persons indirectly already working in existing units through the Working Capital Interest subvention component of the scheme. It is expected that Jammu and Kashmir will have an additional investment of about Rs 12,000 crore in the establishment of about 1,200 industrial units.

It is anticipated to generate direct employment opportunity for about 78,000 persons along with employment in primary sector including Agriculture, Horticulture, Sericulture, Animal Husbandry and dairy, inland fisheries etc. through backward linkage including gainful engagement of women at household in craft, handicraft and handlooms.

The Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry Government of India notified a “Central Sector Scheme for Industrial Development of Jammu and Kashmir” on February 19, 2021.

The total financial outlay of the scheme is Rs 28,400 crore and envisages four types of incentives namely Capital Investment Incentive, Capital Interest Subvention, GST Linked Incentive and Working Capital Interest Subvention. (ANI)