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| FOIJ demands State, Central Fiscal Incentives for industrial growth, employment generation | | | Early Times Report
JAMMU, Oct 24: Federation of Industries Jammu hails the State Govt. request made to the Union Home Minister during his visit to State on 23-10-2018 for the extension of Fiscal Industrial Incentives Package at par with North East States to create Employment Opportunities for local youths in the Industrial Sector.
Chairman, Federation of Industries Jammu Lalit Mahajan raised serious concern in respect of Sharp decline reported in the Industrial Growth of J&K due to non availability of Post GST Central/State Fiscal Incentives to the New Units and Units under Substantial Expansion. The position is more serious due to reduction in the Fiscal Incentives available to the working units in post GST Regime as compare to the Fiscal Incentives in Pre GST Regime resulting nos. of MSME Units on the verge of closer and were in the process of shifting to other parts of the Country nearer to the Market as it is not possible for them to run their units due to additional cost of Raw Materials and Finished Goods for the manufacturing of goods in our State.
As per the data available with the FOIJ, limited growth reported in the last three years in the Industrial Sector of Jammu Province in respect of Investment and Employment. It is worthwhile to mention here that the Industrial Estates developed in our State with the Investment of Crores of Rupees by the Industries Department lying vacant due to non availability of Investor in our State.
The position is more serious in respect of 7000 to 8000 Micro and Small Scale Units working in our State, as in post GST Regime limited Incentives given by the State Govt. to existing Micro and Small Scale Units who are not availing the Central Excise Benefits prior to GST Regime due to Exemption up to 1.50 Crores Turnover. It is worthwhile to mention here that the majority of Micro and Small Scales Industrial Units owned by Sons of the Soil of our State are working in spite of all the Odds since last 30 years facing the Militancy, Limited Market Avenues as we are surrounded by the hostile Neighbours like China and Pakistan, Locational Disadvantages and other related issues resulting higher Cost of Raw materials and facing Stiff Competition from the Units Located in the Neighbouring States.
It is pertinent to mention here that our request for the grant of Fiscal Incentives to Micro & Small Scale Sector for the reimbursement of 42% CGST & 5% Budgetary Support to compensate the short fall of incentives prior to GST is pending with the State Govt. since long & any delay on the part of State Govt. to provide above mentioned incentives to the Micro and Small Scale Sector may lead to the closuer of number of units resulting Mass Scale Retrenchment of Industrial Workers.
Federation of Industries, Jammu appeals to Prime Minister of India, Union Home Minister and His Excellency Governor of J&K for the extension of Central/State Fiscal Incentives to the Existing as well as new Units and also provide the relief to Existing Micro and Small Scale units of the State by providing additional Incentives for their survival. |
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