New Delhi, Jan. 7 -- The Union Cabinet on Thursday approved an incentive scheme worth Rs.28,400 crore with the aim to bring industrial development in the Union Territory of Jammu and Kashmir.

The scheme is expected to create jobs and attract investment in the region, the central government said in a statement. Its outlay is until 2037 and Rs.1,123.84 crore have already been disbursed under various special packages.

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"Government of India has formulated New Industrial Development Scheme for Jammu and Kashmir (J-K IDS, 2021) as Central Sector Scheme for the development of Industries in the UT of Jammu & Kashmir," the government said.

"The present scheme is being implemented with the vision th...