Substantial incentives
Recently I&C Deptt overshoots financial targets set by DPIIT for 2023-24.
Furthermore, the Department of Industries and commerce has approved substantial incentives during the current financial year. In FY 2023-24, Rs. 85.15 crore stands approved under Capital Investment Incentive (CII), Rs. 27.45 crore under Working Capital Interest Subvention (WCIS), and Rs.7.48 crore through Capital Interest Subvention (CIS).
It is pertinent to mention here that Goods and Services Tax Linked incentive (GSTLI) is the most important incentive under the New Central sector Scheme and in the current Financial year the approval for Rs 40.80 crore under GSTLI stands given. The disbursements are directly empowering businesses, enabling them to expand their operations and create new employment opportunities.
J&K has surpassed the Department of Promotion of Industry and Internal Trade (DPIIT) target of Rs. 150 crore in incentive approval. This achievement is a significant milestone in the UT’s industrial journey.
While NCSS marks a new chapter in J&K’s industrial development, the Industrial Development Scheme (IDS) 2017 continues to play a crucial role. Launched as a precursor to NCSS, IDS offers its own set of incentives, including central capital investment support, interest subsidy, and GST reimbursement.
In FY 2023-24, IDS SLCs approved incentives worth Rs. 22.44 crore for Jammu division and Rs. 3.92 crore for Kashmir division. These additional incentives complement the support provided by NCSS, further strengthening the industrial ecosystem in the UT.
