THE Jammu and Kashmir administration on Thursday announced a new industrial developmental scheme (IDS) with a total outlay of Rs 28,400 crore to encourage new investment and to take industrial development to the block level. “In a major decision of far-reaching consequence, Government of India has approved a new Industrial Developmental Scheme for Jammu and Kashmir,” Lieutenant Governor Manoj Sinha announced at a press conference here.

 

“The scheme will go a long way in ushering an era of socio-economic development of the region and for catering to the aspirations of people,” he said. Sinha said that this scheme is from the period of date of notification up to the year 2037 with a total outlay of Rs 28,400 crore. He said that it is for the first time any industrial incentive scheme is taking development to the block level and added that it will promote far-flung areas of Jammu and Kashmir.

 

“The scheme will encourage new investment, substantial expansion and also nurture the existing industries in the Union Territory. It will also provide employment to 4.5 lakh people besides leading to equitable, balanced and sustainable socio-economic development of the region,” the LG said. He said that manufacturing and service sector units in the union territory will benefit and noted that the scheme visualises a larger role of Jammu and Kashmir in the Indian economy. “The scheme will optimise utilisation of the local strengths of Jammu and Kashmir,” he added. While giving details of the scheme, Sinha said it will give a major push to the economy of the region and provide huge opportunities of employment to the people of Jammu and Kashmir.