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Union Budget allocates Rs 104 cr for J&K Industrial Development Scheme

By: Nasir Azam

Srinagar, Feb 02: The Government of India has allocated Rs 104.50 crore in the Union budget for the recently-announced Industrial Development Scheme for Jammu and Kashmir Union Territory for financial year 2021-22.

According to news agency—Kashmir News Observer (KNO), Rs 104.50 crore have been proposed for the scheme which the government said is aimed to bring about ‘radical transformation in the existing industrial ecosystem of J&K with emphasis on job creation, skill development and sustainable development.’

The financial outlay of the proposed scheme is Rs 28400 crore for the scheme period 2020-21 to 2036-37.

“It [the scheme] attempts for a more sustained and balanced industrial growth in the entire UT. It has been simplified on the lines of ease of doing business by bringing one major incentive- GST Linked Incentive- that will ensure less compliance burden without compromising on transparency,” government officials maintain. – KNO

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