Cabinet okays special package for J&K

new delhi: the cabinet on wednesday approved a special package of incentives for setting up new industrial units in jammu & kashmir. this package will also be applicable to the existing units which substantially expand their manufacturing activities. the units eligible under this package will be exempted from paying income tax for a period of 10 years from the date of commencement of production. the new units will also get income tax exemption for 5 years. the cabinet also approved setting up of jammu & kashmir development finance corporation with a one-time provision of rs 50 crore under a special package. this scheme excludes cigars, cigarettes and other tobacco items, alcoholic drinks and branded soft drinks. the cabinet also approved the introduction of payment of wages (amendment) bill, 2002. this will seek to further amend the payment of wages act, 1936, which regulates the payment of wages to certain classes of people employed in the industry. the cabinet also approved the undertaking of gslv-mk-iii project at a cost of rs 2,498 crore with a foreign exchange content of rs 628.41 crore. this project will enable india to launch a 4-tonne class satellite into geo-stationary transfer orbit (gto) in about six years. the present insat-3 satellites are in the 2.5 to 2.7 tonne range of lift-off mass. the cabinet also approved the establishment of national good laboratory practice (glp) compliance monitoring authority under the administrative control of the department of science and technology. it would enhance the reliability of the safety test data generated.