Jammu & Kashmir Government Proposes New Incentives to Boost Industrial Sector
The Jammu & Kashmir Government has introduced a draft amendment to its industrial policy 2021–30 with a focus on revitalizing the industrial landscape of the Union Territory.
The proposed amendments aim to provide equal incentives to both new industrial units and sick industries undergoing revival. A special mechanism will identify and support sick Small and Medium Enterprises (SMEs) for rehabilitation.
Under the proposed changes, MSME units in different zones will be eligible for financial assistance ranging from 30% to 50%, with additional benefits for women-led MSME units.
Furthermore, eligible industries may receive a reimbursement of 100% SGST for five years, exemptions from stamp duty on land transactions, and incentives for listing on stock exchanges.
The government also plans to incentivize filing patents and adopting green initiatives to promote sustainability and environmental protection.
The policy encourages the adoption of pollution control devices, rooftop solar panels, rainwater harvesting, wastewater recycling, and other eco-friendly measures certified by the Pollution Control Board.
Overall, these proposed incentives are designed to stimulate growth, innovation, and sustainability within the industrial sector of Jammu & Kashmir.
