Ahead of Jammu Kashmir Global Investors' Summit, officials showcase investment opportunities and industrial policy in a roadshow
Kolkata/UNI: Senior government officials of Jammu and Kashmir on Monday highlighted the investment opportunities and competitive advantages of the union territory in a roadshow here, ahead of the Jammu Kashmir Global Investors' Summit to be held in the month of May in Srinagar and Jammu.
Managing Director of JKTPO and JKSIDCO Ravinder Kumar spoke about the J&K Industrial Development Scheme and discussed the incentives for large and mega MSME units.
He said the government has identified 14 focus sectors which hold a huge investment potential. These include tourism and hospitality, film tourism, horticulture and post harvest management, agro and processing, milk, poultry, fisheries and wool production, agriculture and mulberry production for silk, herbal and medicinal plant,health and pharmaceutical, manufacturing, IT and ITES, renewable energy, infrastructure and real estate, handloom and handicrafts, education and skill development.
Investors can avail capital investment incentive of 30 per cent on their investment in plant and machinery up to Rs 5 crore while an interest incentive of 3% on working capital can be claimed by new units and old units on substantial expansion up to 25 per cent of unit's annual turnover, he said.
Further 100 per cent of premium cost can be claimed on insurance of building and plant and machinery.
GST reimbursement out of Central share of CGST and IGST can be availed up to 58 per cent CGST and 29 per cent IGST.
Speaking about the incentives for large, mega and MSME units, he said the investors can avail net SGST reimbursement for 10 years.
The government of Jammu Kashmir has also exempted such units from stamp duty and fee. Additionally, there is subsidy on pollution control devices, GI certification, DG set and interest subsidy on working capital.
Investors can get land at concessional rates with long term lease rights. The union territory has over 6000 acres of industrial land bank available at competitive prices for investors, Kumar said. Earmarked sector-specific land bank across suitable locations in Jammu Kashmir, close to airports, highways and rail links are ready for possession, he added.
Other facilities like IT automation support and assistance for DPR preparation are made available.