Centre extends Rs 296-cr indus package for J&K till FY'14-end

SRINAGAR: The Jammu and Kashmir government today said the Centre has accepted its demand for extension of the Rs 296-crore industrial package to the state till this fiscal end.

"The Centre has conceded our demand for extension of the Rs 296 crore industrial package which had exhausted in June last year," state's Industries and Commerce Minister Sajad Ahmad Kichloo said here, adding that it has been extended till March, 2014.

Terming it a "significant move" to give boost to the industrialisation in the geographically disadvantageous state, Kichloo said the package will be applicable with effect from June 14.

"The package was approved after hectic efforts and finally a notification in this regard was issued yesterday," he said.

The Minister said the two key features of the new industrial package are inclusion of all the thrust areas recommended by the state government in the package and it will be applicable to all the upcoming Industrial Estates in the state.

Central Capital Investment Subsidy Scheme, central interest subsidy, Central Comprehensive Insurance Scheme and Transport Subsidy Scheme have been approved by the Union Finance Ministry under the new package, he said.

He said the government has recommended the names of 20 new Industrial Estates which are being established during the current financial year.

"Out of these 20 Industrial Estates, which will be brought under the ambit of Industrial package, eight are coming-up in Jammu region and 12 in Kashmir Valley," Kichloo said.