Home Minister Amit Shah invites investments in J&K

Home Minister Amit Shah on Tuesday urged investors to open new businesses in Jammu & Kashmir and assured added incentives for investments made in the least developed areas of the Union Territory.

Inaugurating an online portal for registration under the new central sector scheme for industrial development in J&K, Shah said the reading down of Article 370 and 35A had opened up new business opportunities in the region.

Fresh investments in J&K have the potential to generate 78,000 direct jobs in sectors such as agriculture, inland fisheries, horticulture, sericulture, dairy, Shah said.

In February, the Centre had unveiled the Central Sector Scheme for Industrial Development of Jammu & Kashmir in February with a financial outlay of Rs 28,400 crore. It envisages extending four types of incentives – capital investment incentive, capital interest subvention, GST-linked incentive and working capital interest subvention.

“The Scheme is attractive for both MSME, by the Capital Incentive component, as well as larger units, by a liberal Capital Interest Subvention component,” Shah said.

The Scheme was aimed at giving fresh thrust to industry and services-led development of J&K with emphasis on job creation, skill development and sustainable development by attracting new investment and nurturing the existing ones, Shah said.

The Home Minister said investments in less developed areas of the Union Territory would get more incentive under the initiative.

He said the online portal launched on Tuesday 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,” Shah said.

The Home Minister urged investors to invest in the union territory and assured them of a quick response to their concerns. Shah said J&K Lt Governor Manoj Sinha had a hands-on approach and monitored the implementation of the central sector scheme.