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| Industrial growth standstill in State: BBIA | | | Early Times Report
Samba, Mar 6: A meeting of Bari Brahmana Industries Association (BBIA) was held under the President ship of Lalit Mahajan in presence of Suresh Mahajan and others and discussed the sharp decline reported in the Industrial Growth since July 2017 in post GST Regime due to non availability of State Fiscal Incentives in Manufacturing Sector to New Units and Units under Substantial Expansion.
Chairman Federation of Industries Jammu and President Bari Brahmana Industries Association hails the State Govt. Administration working under the able guidance of His Excellency Governor Satya Pal Malik for the grant of nos. of Fiscal Incentives to the working existing Units prior to GST Regime and also for the extension of Central Package of Incentives to new units & units under Substantial Expansion.
It is pertinent to mention here that no State Fiscal Incentive was given to Units established after the implementation of GST since July 2017 resulting the present Industrial Growth at the lowest level in last two decade whereas prior to GST Regime, the Popular Govt. provided State/Central Fiscal Incentives in the tune of around Rs.1700 to 2000 Crores per annum since 2002 keeping in mind the Locational Disadvantages, Higher production cost, limited Market avenues in the State due to Land Lock State, Militancy since three decades and other related issues.
It is worthwhile to mention here that before the Implementation of GST it was assured to us that all the State/Central Govt. Incentives in the tune of Rs.1700 to 2000 Crores shall be continued in the GST Regime but it is unfortunate that in post GST Regime the State/Central Govt. incentives reduced to even 1/4th of the total incentives available to Industrial Sector of J & K prior to GST which is only on Value Addition whereas no such clause was in exist in the package of Incentives prior to GST Regime resulting majority of MSME working units have no option but to close down their units in near future due stiff competition in the market.
The position is more serious as very limited growth reported in last two years in the Industrial Sector due to non availability of State Fiscal Incentives to New Units and Units under Substantial Expansion for MSME Sector for Inter-State Sale and sale within the State in spite of fact that Central Govt. already granted the Fiscal Package for New Units and Units under Substantial Expansion and majority of the Incentives available only for those units who are selling their products outside the State which includes the IGST/Transport Incentives/Income Tax Incentive etc too linked with the Investment in the Plant & machinery only.
Recently State Govt. granted the State Fiscal Incentive for the reimbursement of SGST to those New Units and Units under Substantial Expansion with the Investment above 50 Crores whereas no such Incentive was given for existing MSME units under the Substantial Expansion and new Units mostly being run by Sons of the Soil which we term as discrimination with the MSME Sector who are willing to establish their units with the Investment less that Rs.50 Crores.
They requested the Governor Satya Pal Malik, K. Skandan, Advisor to Governor, Naveen Kumar Choudhary (IAS), Principal Secretary, Industries & Commerce kindly intervene in to the matter and grant the following incentives for the MSME Sector of the State for their survival and to attract new Investment in the Industrial Sector. |
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