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With respect to "New Industrial Development Scheme for Jammu & Kashmir", consider the following statements:
1. It aims to take industrial development to the block level, which 
is the first time in any Government of India Industrial Incentive Scheme.
2. The main purpose of the scheme is to generate employment, which directly leads to the area's socio-economic development.
Which of the above given statements is/are correct?   
  • a)
    1 only        
  • b)
    2 only        
  • c)
    Both 1 and 2        
  • d)
    Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
Verified Answer
With respect to "New Industrial Development Scheme for Jammu &...
  • The Cabinet Committee on Economic Affairs (CCEA) has approved a scheme for Jammu & Kashmir's industrial development. The scheme is approved with a total outlay of Rs. 28,400 crore upto the year 2037.
  • Government of India has formulated New Industrial Development Scheme for Jammu & Kashmir (J&K IDS, 2021) as Central Sector Scheme for the development of Industries in the UT of Jammu &Kashmir.
  • Hence statement 2 is correct: The main purpose of the scheme is to generate employment, which directly leads to the area's socio economic development.
The following incentives would be available under the scheme:
  • Capital Investment Incentive at the rate of 30% in Zone A and 50% in Zone B on investment made in Plant & Machinery (in manufacturing) or construction of building and other durable physical assets(in service sector) is available.
  • Capital Interest subvention: At the annual rate of 6% for maximum 7 years on loan amount up to Rs. 500 crore for investment in plant and machinery (in manufacturing) or construction of building and all other durable physical assets(in service sector).
  • GST Linked Incentive: 300% of the eligible value of actual investment made in plant and machinery (in manufacturing) or construction in building and all other durable physical assets(in service sector) for 10 years. The amount of incentive in a financial year will not exceed one-tenth of the total eligible amount of incentive.
  • Working Capital Interest Incentive: All existing units at the annual rate of 5% for maximum 5 years. Maximum limit of incentive is Rs 1 crore.
Key Features of the Scheme:
  • Scheme is made attractive for both smaller and larger units. Smaller units with an investment in plant & machinery upto Rs. 50 crore will get a capital incentive upto Rs. 7.5 crore and get capital interest subvention at the rate of 6% for maximum 7 years
Hence Statement 1 is correct: The scheme aims to take industrial development to the block level in UT of J&K, which is first time in any Industrial Incentive Scheme of the Government of India.
 
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With respect to "New Industrial Development Scheme for Jammu & Kashmir", consider the following statements:1. It aims to take industrial development to the block level, whichis the first time in any Government of India Industrial Incentive Scheme.2. The main purpose of the scheme is to generate employment, which directly leads to the areas socio-economic development.Which of the above given statements is/are correct? a)1 only b)2 only c)Both 1 and 2 d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
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With respect to "New Industrial Development Scheme for Jammu & Kashmir", consider the following statements:1. It aims to take industrial development to the block level, whichis the first time in any Government of India Industrial Incentive Scheme.2. The main purpose of the scheme is to generate employment, which directly leads to the areas socio-economic development.Which of the above given statements is/are correct? a)1 only b)2 only c)Both 1 and 2 d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about With respect to "New Industrial Development Scheme for Jammu & Kashmir", consider the following statements:1. It aims to take industrial development to the block level, whichis the first time in any Government of India Industrial Incentive Scheme.2. The main purpose of the scheme is to generate employment, which directly leads to the areas socio-economic development.Which of the above given statements is/are correct? a)1 only b)2 only c)Both 1 and 2 d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With respect to "New Industrial Development Scheme for Jammu & Kashmir", consider the following statements:1. It aims to take industrial development to the block level, whichis the first time in any Government of India Industrial Incentive Scheme.2. The main purpose of the scheme is to generate employment, which directly leads to the areas socio-economic development.Which of the above given statements is/are correct? a)1 only b)2 only c)Both 1 and 2 d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
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