Govt injects industrial booster to hill states

hill states industrial development schemes

Government has notified new industrial development schemes for Jammu & Kashmir, Himachal Pradesh and Uttarakhand to boost industrial infrastructure including setting up industrial units with easier and cheaper access to credit and interest incentives. The Industrial Development Scheme for Himachal Pradesh (HP) & Uttarakhand, 2017 will run for five years from April 1, 2017 to March 31, 2022 while scheme for Jammu and Kashmir, 2017 will be effective from June 15, 2016 to March 31, 2022. All new industrial units undertaking substantial expansion in manufacturing sector and services sector including bio-technology and hydel power generation units up to 10 MW will be eligible for the incentives. The notification said that the units in the state will be provided central capital investment incentive for access to credit at the rate of 30% of the investment in plant and machinery with an upper limit of Rs.5 crore. The project cost will need to be appraised by a Scheduled Commercial Bank or Financial Institution before the proposal of assistance is approved by the Empowered Committee of DIPP, the notification added, insisting that the units should start commercial production within 18 months of approvals.