35 Projects Approved for Jammu, 18 for Kashmir; Total Number of Registered Units Rises to 971
JAMMU, October 4: The Jammu and Kashmir administration has cleared 53 additional industrial units under the New Central Sector Scheme (NCSS), paving the way for an estimated ₹1,626 crore investment and the creation of around 2,902 new employment opportunities across the Union Territory.
According to official sources, 35 of the newly approved industrial units will come up in the Jammu division, while 18 have been approved for the Kashmir division.
With the latest approvals, the total number of industrial units registered under the NCSS in Jammu and Kashmir has increased to 971. Earlier, 918 units had been approved under the scheme.
The 918 previously approved industrial units are expected to bring an investment of around ₹12,668 crore, including approximately ₹9,220 crore in plant and machinery, and are projected to generate nearly 48,995 employment opportunities.
The latest batch of 53 units is expected to add another ₹1,294 crore in plant and machinery investment, taking the overall proposed investment associated with these projects to ₹1,626 crore.
Officials said that several major national-level business groups are among the newly approved industrial units.
More Units May Get Approval
The latest approvals have been made possible following the decision of the Central Government’s Apex Committee to utilise funds available under the ₹28,400-crore Industrial Development Scheme for Jammu and Kashmir.
The Apex Committee had earlier permitted the utilisation of approximately ₹5,630.74 crore in savings under the scheme for registering industrial units beyond the 918 units already approved.
Officials said the exact incentives applicable to the newly cleared 53 units are still being calculated. Once the incentive liability is finalised, the administration will be able to determine how much additional funding remains available and how many more units awaiting approval can be accommodated.
Savings Created Through Investment and GST Changes
The administration had informed the Apex Committee that substantial savings had emerged because of the difference between investments projected in Detailed Project Reports and the actual investment made by industrial units in plant and machinery.
An estimated ₹4,551.01 crore was available because of this difference, while another ₹1,079.74 crore was available from the overall approved allocation, taking the estimated available amount to around ₹5,630.75 crore.
Around ₹3,500 crore of the expected savings reportedly arose following changes in GST rates.
The Apex Committee has also permitted fungibility and reappropriation of funds among different incentive components, including Capital Investment Incentive, Capital Interest Subvention, GST-linked Incentive and Working Capital Interest Subvention, depending on actual and projected requirements.
However, the adjustments are to be made without increasing or altering the overall approved scheme allocation.
J&K Seeks Larger Industrial Incentive Package
The New Central Sector Scheme was launched on April 1, 2021, with a total outlay of ₹28,400 crore, and is scheduled to continue until 2037.
In view of the strong response from investors and the large number of applications received for industrial registration, the Jammu and Kashmir administration has sought an enhancement of the incentive allocation to ₹75,000 crore.
The proposed enhancement is aimed at accommodating more industrial projects and supporting further investment and employment generation in the Union Territory.
Industrial units registered under the scheme will remain eligible to avail incentives until 2037, with projects expected to operate across different parts of Jammu and Kashmir.
The Industrial Development Scheme was introduced with the broader objective of accelerating industrial growth in Jammu and Kashmir, attracting private investment and generating large-scale employment. The original policy had envisaged the creation of around three lakh jobs, with the administration subsequently expecting employment generation to rise further in view of the response from investors.(KNC)
