Amit Shah opens portal for industry; Rs 50K-cr investment expected

Tribune News Service

New Delhi, August 31

Union Home & Cooperation Minister Amit Shah today launched a web portal for registration of units under New Central Sector Scheme for Industrial Development of J&K. Under the scheme, investors (small or large) will be eligible to avail incentive worth over Rs 28,000 crore for 10 years by way direct financial assistance and interest subversion.

The policy has been worked out by the Department for Promotion of Industry and Internal Trade (DPIIT).

Launching the portal, which is aimed at reducing the number of compliances and putting in place a single window for approvals, Shah said a new dawn of investment and industrial development would begin in J&K. “Today, the most attractive industrial policy of the country is here. Investment of more than Rs 50,000 crore will come in the UT. Under this, there will be all-inclusive, all-round development of the Union Territory,” he said.

Shah said the Prime Minister had said after the scrapping of Article 370 and 35A that there would be a new beginning for employment and happiness in J&K. “This is a huge milestone in fulfilling that promise,” he said.

“To those who say that what is the difference, I want to say that in 70 years previous governments could not provide even basic facilities, such as housing, toilets, electricity and water to about 2,20,000 families of the state. But PM Narendra Modi provided these amenities in 2 to 3 years,” Shah said.

Officials said the scheme had been frame after studying all the existing schemes.

The scheme has also been linked to GST registration made by new investors and they will be eligible for refund of the tax paid in next 10 years, he added.

Join Whatsapp Channel of The Tribune for latest updates.