Dr Drabu announces exclusive Industrial Development Scheme for JK: Top 10 Highlights

 

Making the big announcement in the State Assembly 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. “This will be the first post-GST scheme that will take care of the new realities in public finances,” he said.

The Finance Minister made several other important announcements to supplement the social security initiatives announced by him in the Budget 2018-19.

To bring more beneficiaries under the ambit of various social security schemes, Dr Drabu said that additional funds to the tune of Rs 15 crore each shall be added to the existing corpus for Old Age and Widow Pension.

He also announced that the widowed daughters of the government employees will also be eligible for pension as earlier announced for their married daughters.

Dr Drabu also proposed a merger of Marriage Assistance and various other scholarship schemes to make these more comprehensive and productive. He said that the government will come up with a comprehensive and consolidated scheme for which the additional incentive shall be added with Aadhar linkage to avoid a possible duplication.

He also announced provision of Rs 5 crore for interest subvention for business start-up ventures by SC/ST entrepreneurs.

He also said that the existing compensatory allowance and border allowance will be streamlined for the employees posted at hard stations in the state besides, announcing the inclusion of more hard areas in the said list.

For further development of floriculture sector, Dr Drabu announced Rs 5 crore for promotion of flower cultivation, packaging & exports. A suitable incentive scheme would also be worked out, he added.

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