Government approves Central Sector Scheme for Industrial Development of J&K
New Delhi, Jan 07: The Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modiin its meeting yesterday considered and approved the proposal of Department for Promotion of Industry and Internal Trade for Central Sector Scheme for Industrial Development of Jammu & Kashmir.
The scheme is approved with a total outlay of Rs. 28,400 crore upto the year 2037.
Government of India has formulated New Industrial Development Scheme for Jammu & Kashmir (J&K IDS, 2021) as Central Sector Scheme for the development of Industries in the UT of Jammu & Kashmir.
The main purpose of the scheme is to generate employment which directly leads to the socio economic development of the area. Considering the historic development of reorganisation of Jammu & Kashmir with effect from 31.10.2019 into UT of Jammu & Kashmir under the J&K Reorganisation Act, 2019, the present scheme is being implemented with the vision that industry and service led development of J&K needs to be given a fresh thrust with emphasis on job creation, skill development and sustainable development by attracting new investment and nurturing the existing ones.