Directorate of Industries and Commerce, Jammu today said that J&K has witnessed significant investments, including new proposals amounting to over Rs 1,10,000 cr since the introduction of the New Central Sector Scheme (NCSS).
“This trend amply suggests that there is a growing interest among investors to establish their units in the UT, which is crucial for economic revitalization and creating employment avenues. The financial outlay of 28400 cr for the NCSS stands utilized and 971 units against the said outlay stands already registered,” read a statement, issued by the Directorate.
Stating that under the Ease of doing Business, liberal SOPs have been formulated to facilitate timely disbursal of incentives to the units, the Directorate has shared the figures, according to which, in the FY 2023-24, I&C Deptt overshot the financial targets set by DPIIT, GoI, for 2023-24 i.e against the given target of 150 cr, Department approved cases involving amount of more than 160 crores.
“About 150 crores of incentives stand approved till date in the fiscal 2024-25 and the financial targets set for the year 2024-25 will also be met well within the time while GSTLI cases of more than 20 crores stand approved in the FY 2024-25,” read the statement.
Maintaining that the Department of I&C focuses on not just providing incentives in a speedier way but also has long-term planning of bringing about complete transparency in the mechanisms, the Directorate has explained that as the NCSS shall be valid up to 2037, the well tuned adopted procedures will have a long term impact for the successful implementation of the scheme.
