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| Industrial unit holders discuss negative repercussions on control Govt’s notification | | | Early Times Reporter
Jammu | Mar 30
A large number of prominent industrial holders and representatives of some associations called on president of Chamber of commerce and industry Ram Sahai to discuss negative repercussions about fallout due to the union government notification no. 19/2008 central excise dated 27th March 2008. which will come into effect from 1st April 2008. Members raised the issue vociferously terming it as a moratorium for the recently growing industrial culture in the state which will amount to large scale unemployment of the workers who have been engaged by the units established in the state under the central package of incentives. The virtual withdrawal of excise exemption by the central government will also stop the new investment and establishment of new units throughout the state. Because of this anomaly most of the units in the state shall become unviable and uncompetitive and those and those entrepreneurs shall be compelled to close down their ventures for which huge amount of capital investment has been spent and this will also amount to the loss to the financial institutions who have advanced huge loans to these industrial units.
Moreover the midway withdrawal of any incentives paid through a responsible government amounts to the betrayal of trust and credibility of the government. Sahai after the meeting desired that the Chief Minister Ghulam Nabi Azad to take up the issues strongly with the Prime Minister and union finance minister for sorting out the problems which if not solved would amount to issuance of death warrants for the industrial culture and industry in general. This would definitely be a great setback to the economy and employment generation in the state. |
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