J&K announces industrial development scheme to promote business activities

Jammu and Kashmir finance minister Haseeb Drabu on Tuesday announced an exclusive industrial development scheme to expand and promote business activities in the state.
Winding up the discussion on the budget for 2018-19 in the assembly, Drabu said that under the scheme, to be rolled out soon, central capital investment subsidy of 30 per cent would be provided for plant and machinery and buildings for hotels.
He said that it is for the first time that such benefits are being extended to the services sector.
He also announced three per cent interest subsidy for five years and 100 per cent 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,” he said.
The finance minister also made several other announcements to supplement the social security initiatives announced by him in the budget 2018-19.
He also announced higher benefits for former and sitting legislators. Medical allowance to former legislators will be at par with the sitting MLAs. He announced an increase in car loan from Rs 5 lakh to Rs 10 lakh. Members not availing the car loan facility can utilise the amount for availing home loan up to Rs 20 lakh, he said.
He also informed that the government has already increased allowance for legislators from Rs 2,000 to Rs 3,000 per sitting.
To bring more beneficiaries under the ambit of various social security schemes, Drabu said that additional funds to the tune of Rs 15 crore each would be added to the existing corpus for old age and widow pension schemes.
He also announced provision of Rs 5 crore for interest subvention for business start-up ventures by SC and ST entrepreneurs.
For Ladakh region, Drabu announced a special duty allowance for employees on same lines as the union government – 10 per cent of basic pay. This will apply to all who are posted in the region, he added.