Special Assistance for Capital Investment Scheme
17th January, 2023 Economy
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- The Union Government will give an additional ₹2,000 crore to States under the Special Assistance for Capital Investment scheme to incentivise them to scrap old vehicles and also provide tax concessions to individuals for it.
- The Government of India has launched a Scheme Special Assistance to States for Capital Investment for 2022-23.
- Under this Scheme, financial assistance is provided to the States Governments in the form of 50-year interest free loan for capital investment projects.
- The scheme aims to encourage States to undertake capital expenditure.
- A capital project is a long-term, capital-intensive investment to build upon, add to, or improve a capital asset. Capital projects are defined by their large scale and large cost relative to other investments that involve less planning and resources.