The government of Jammu and Kashmir has reported receiving proposals for investments worth approximately ₹ 51,000 crore so far, Union Minister of State for Home Nityanand Rai informed the Rajya Sabha on Wednesday.
Responding to a question in a written reply, the Minister shared the information indicating towards these proposals since the abrogation of Article 370 and Article 35 A from Jammu and Kashmir on August 5, 2019.
Moreover, in order to boost industrial development in the Union Territory, Rai said the government of Jammu and Kashmir has also notified the Jammu and Kashmir Industrial Policy, Jammu and Kashmir Private Industrial Estate Development Policy and Jammu and Kashmir Industrial Land Allotment Policy.
He further said that the government of India has notified the New Central Sector Scheme for Industrial Development of the Union Territory on February 19 last year to attract capital investments in Jammu and Kashmir with a financial outlay of ₹ 28,400 Crore (upto the year 2037).
“The Scheme provides four types of incentives namely Capital Investment Incentive, Capital Interest Subvention, Goods and Services Tax Linked Incentive and Working Capital Interest Subvention,” said the Minister when asked, “whether the government has announced any industrial policy for Jammu and Kashmir to boost industrial activities in the UT”.