Centre to hire consultant for J&K industry push
Invites applications to execute new Central sector scheme for industry and services-led development in Jammu&Kashmir; Govt offering sops for industrialisation; Capital investment incentive and capital interest subvention for new units and existing units undertaking expansion
New Delhi: The Department for Promotion of Industry & Internal Trade (DPIIT) of the Central government has begun the selection process for appointing a consulting agency for the execution of the new Central sector scheme for industrial development of Jammu & Kashmir (J&K) and Ladakh. The consultant will take care of the project management unit (PMU) and the project implementation unit (PIU).
The Centre had notified this scheme on February 19, 2021. The agency will provide consultancy services to the DPIIT and the UT of Jammu & Kashmir for any upcoming industrial development scheme, official sources told Bizz Buzz.
The applicants can submit their responses by July 28. The scheme aims to give a fresh impetus to industry and services-led development of J&K with emphasis on job creation, skill development and sustainable development by attracting new investment and nurturing the existing one, sources said.
The scheme will be in force till 2036-37 with a total financial outlay of Rs28,400 crore. It envisages incentives to the new units, existing units, and the existing units that undertake expansion.
The government is offering various sops for industrialisation. There will be the capital investment incentive and capital interest subvention for new units and existing units undertaking expansion.
Then there is the GST-linked incentive for new units. The working capital interest incentive is for existing units.
It is estimated that under this scheme about 1,200 new units will be set up and about 4,500 existing units will benefit from the working capital interest incentive. Timelines for applying for registration and grant of registration to the applicants are about 3.5 years and 4 years, respectively.
The DPIIT, being the nodal department for overall monitoring of the scheme, is expected to provide support to the UT Government of Jammu & Kashmir for effective implementation.
The PMU will be set up at the DPIIT, while the PIU will be established at the Jammu Directorate of Industries, the Kashmir Directorate of Industries, the Ladakh Directorate of Industries, and at the DPIIT.
The DPIIT intends to engage a consultancy firm for a period of eight years, extendable by three years at a time, the total duration being 17 years. It will provide consultants for the PMU and PIUs.
The government is offering various sops for industrialization. There will be the capital investment incentive and capital interest subvention for new units and existing units undertaking expansion.
Then there is the GST-linked incentive for new units. The working capital interest incentive is for existing units.
