Jammu, Jan 1 (KNN) Jammu & Kashmir's industrial sector is undergoing a remarkable transformation, fuelled by the success of the New Central Sector Scheme (NCSS), with a total of 672 units registered, as per an official statement from the Industries and Commerce department, on Sunday.

The initiative, jointly executed by the Government of India and the UT government, is fostering investment, job creation, and overall economic growth in the region, reported Kashmir Reader.

Launched in February 2021 with a substantial outlay of Rs. 28,400 crore, NCSS presents a comprehensive package of incentives designed to attract businesses to Jammu & Kashmir.

These incentives, encompassing capital investment subsidy, interest subvention, and GST-linked benefits, position the UT as an appealing destination for entrepreneurs.

The scheme has gained impressive momentum over the past two years, as per the statement.

In the fiscal year 2023-24, seven Secretary Level Committee (SLC) meetings were held to approve the registration of 304 units, with 218 from Jammu Division and 86 from Kashmir Division, reflecting the scheme's broad reach across diverse sectors, including manufacturing and services.

NCSS has already begun disbursing substantial incentives in the current fiscal year, with approvals totalling Rs. 62.5 crore through Capital Investment Incentive (CII), Rs. 19 crore through Working Capital Interest Subvention (WCIS), and Rs. 1.44 crore through Capital Interest Subvention (CIS).

These approvals and subsequent disbursements are directly empowering businesses, facilitating expansion and the creation of new employment opportunities.

With six more SLC meetings planned in the remaining quarter of FY 2023-24, J&K is on track to surpass the Department of Promotion of Industry and Internal Trade (DPIIT) target of Rs. 150 crore in incentive disbursal, marking a significant milestone in the UT's industrial journey.

(KNN Bureau)