Much awaited Industrial Developmental Scheme for Jammu & Kashmir, aimed at  generating employment in both manufacturing and service sectors, was made public by the Lt-Governor Manoj Sinha on Thursday.

The scheme with a total outlay of Rs. 28,400 crore upto the year 2037 was earlier approved by the Union government headed by Prime Minister Narendra Modi on Wednesday.

 The proposed scheme is likely to attract unprecedented investment and give direct and indirect employment to about 4.5 lakh persons. Additionally, because of the working capital interest subvention, the scheme is likely to give indirect support to about 35,000 persons.

Sharing details of the scheme, Lieutenant Governor, Manoj Sinha, in a press conference, claimed the main purpose of the scheme is to generate employment beyond government jobs in both manufacturing and service sectors which directly leads to the socio-economic development of the region.

The Lt Governor also expressed gratitude towards the Prime Minister for approving the New Central Sector Scheme for Industrial Development of Jammu & Kashmir.   

 Briefing media persons here at Jammu Convention centre, Lt-Gov Manoj Sinha claimed the New Industrial Development Scheme for J&K will give a boost to domestic manufacturing in the region & help J&K in becoming AatmaNirbhar.”The Scheme will encourage new investment, substantial expansion and also nurture the existing industries in J&K”, he maintained.

The Lt Governor, while giving out the details of the scheme, emphasized that it will be ensured that the implementation of the new scheme shall be done in a manner which is friendly and hassle free to the investors. It will be ensured that entrepreneurs from within J&K and outside find a smooth and progressive ecosystem for their business plans, he added.

Further, the Lt Governor emphasized that “With our transparent policies, investments in developing infrastructure, market oriented policy environment and skilled human capital, we aspire to become a growth pillar for India in the current decade”.

 “Earlier schemes offered a plethora of incentives. However, the overall financial outflow was much lesser than the new scheme. Whereas, the earlier schemes have provided about Rs 1120 crores in all these years, this scheme shall provide an outlay of Rs 28,400 crores”, Lt-Gov Manoj Sinha said. 

He further said that Government and Industry will work closely to achieve the vision of the holistic and balanced development of Jammu and Kashmir.

He also thanked the business associations and all who contributed through their valuable suggestions.