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BBIA hails investor's summit 2019
8/14/2019 10:29:02 PM
Early Times Report
Jammu, Aug 14: A meeting of the Bari Brahmana Industries Association was held today under the Presidentship of Lalit Mahajan, president BBIA in the presence of Tarun Singla, Sr. Vice President, Ajay Langer, Vice President, Viraaj Malhotra, General Secretary, Rajesh Jain, Secretary, Vivak Singhal, Treasurer and other members of the Association to discuss the proposed Investor's Summit 2019 scheduled to be held in Oct 2019.
The members present in the meeting hailed the decision taken by the J&K Govt. working under the able guidance of Governor Satya Pal Malik to attract new Investment in the Union Territory of Jammu & Kashmir. It is worthwhile to mention here that K.Skandan, Advisor to Governor and Navin K. Choudhary, Principal Secretary, Industries & Commerce Department along with the officials of the Department are working on this prestigious Project to explore the possibilities to attract New Investment in the Industrial Sector of J&K for which a vision Document is under process which includes the Special Package of Incentives on card for Industrial and Tourism Sector. It is pertinent to mention here that in 2004 massive Investment in Industrial Sector was done on the basis of Package of Incentives announced by then NDA Govt. but due to dilution of the same by UPA Govt in 2008 and in 2010 nos. of Units slowed /closed down their activities and the Industrial Growth also declined in Post GST Regime due to very limited Fiscal Incentives available to the Industrial Sector of Jammu & Kashmir.
It is the need of the hour to provide long term Fiscal Incentives to attract the Investment in the Industrial Sector which includes the 100% Reimbursement/Exemption of GST/Transport Subsidy by Road on Raw materials and Finished Goods/, Capital Investment Subsidy, Income Tax Exemption and other related Incentives with an sun set clause of 20 Years, Creation of land Bank with requisite Infra Structure in time bound manner, Special Economic Zone for setting up of Export Oriented Units at par with the other States, Time bound sanction of Power and other remedial measure to ensure the hassle free Environment for the Industrialization in our State. We request the Governor to kindly ensure the participation of Stake Holders of the State to make the event a great success.
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