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| Revisit industrial policy 2016 to attract new investment in industrial sector: BBIA | | | Early Times Report
Jammu, June 6: A meeting of Bari Brahmana Industries Association (BBIA) was held under the President ship of Lalit Mahajan in the presence of Tarun Singla, Sr. Vice President, Ajay Langer Vice President, Viraaj Malhotra General Secretary, Rajesh Jain Secretary and Vivek Singhal Treasurer BBIA & other members.
During the course of discussions the alarming decline in the Industrial Growth since last three years has been highlighted resulting very marginal Employment generated in the Industrial Sector of J & K. As per the data available with the Association for Jammu Province during 2016-17 and 2017-18, around 400 Units goes in to production with the Employment of only 2400 persons (approx) and in 2018-19 around 140 units started the production with the Employment of 1325 persons.
It is pertinent to mention here that the present State/Central Fiscal Incentives available to the Industrial Sector has been diluted to 1/5 of the Incentives available in comparison to State/Central Govt. Fiscal Incentives as per the Industrial Policy 2004 and the Central Govt. Notifications, resulting very limited Industrial Growth reported in last three year since the adoption of Industrial Policy 2016 by the State Govt. in Post GST Regime.
It is worthwhile to mention here that State Govt. announced the Reimbursement of SGST to New Units and Units under substantial Expansion Units having Investment more than 50 Crores whereas at present no Fiscal Incentives in respect of Reimbursement of CGST/SGST by State Govt. is available to New MSME Units and Units under substantial Expansion established after 07/07/2017 with the Investment of less than 50 Crores.
Further No Budgetary support in lieu of CST Exemption prior to GST Regime given to Units who are selling their good on Interstate Sale Prior to 2016-17 and against Form F by Stock Transfer to their Marketing channels in the country and the Units started production after 01-04-2017 as the benefit is given to Units only on the basis of their Inter State Sale of 2016-17 against C-Form which we termed as Discrimination with the Units selling their products through Interstate Sale Prior to 2016-17, Stock Transfer and units established after 01-04-2017.
It is a known fact that majority of the MSME Units working in our State on Break Even Point due to limited market avenues within the State due to Locational Disadvantages , and if Govt. provide the Budgetary Support for the Interstate/Intrastate Sale and Transport Subsidy by Road up to Destination, it will provide an opportunity to the Unit Holders to compete in the neighbouring States and also attract New Investment.
In respect of Central Govt. Fiscal Incentives for new units and units under Substantial Expansion, the same has been diluted and linked with the Investment of Plant and Machinery only in comparison to Incentives available prior to GST Regime which is also creating hurdles in the Industrial Growth in case of MSME Units having limited Investment in the Plant & machinery.
We appeal to Satya Pal Malik, His Excellency Governor, K. Sikandan, Advisor to Hon'ble Governor and Navin Kumar Chowdhary Principal Secretary Industries and Commerce with a request to convene an urgent meeting of the Industrial Associations of Jammu and Kashmir for a threadbare discussions to Re-Look the Industrial Policy 2016 to ensure adequate Fiscal Incentives to MSME Sector of the State to provide relief to the ailing Working Units which will also help to attract new investment in our State for employment generation. |
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