Jammu, January 18, 2018: Jammu and Kashmir Finance Minister, Dr Haseeb A Drabu on Tuesday announced an exclusive Industrial Development Scheme for J&K bringing, for the first time, the services sector under the ambit of the pioneering initiative.
Making the announcement in the State Assembly on Tuesday evening while winding up the discussion on Budget 2018-19 in the House, Dr Drabu said that under the scheme, to be rolled out shortly, Central Capital Investment subsidy of 30 percent would be provided for plant and machinery including buildings for hotels.
He said it is for the first time that such benefits are extended to the services sector.
He also announced 3 percent interest subsidy for five years and 100 percent insurance subsidy under the scheme.
“All new industrial units in manufacturing and services sector operational in the state will be eligible for various benefits under this scheme”, Dr Drabu said and added that the scheme will have two key components: 100 percent insurance cover and considering buildings of the hotels as plant machinery thus enabling them to 30 percent capita subsidy.
United News Of India
