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| Industry fumes over midway withdrawal of incentives | | | Early Times Reporter
Jammu | Mar 30
Proposing handsome sops for economic development across the country, the Union Government has put the Jammu and Kashmir state in a fix by withdrawing the package of incentives for industrial investors here.
The notification for withdrawal of incentives has already pressed a panic button and industrialists are out to launch a massive protest against this decision. A reaction from the state government is, however, yet to come.
In a sudden decision, the Union government has withdrawn a special tax and incentive packages for investors in the state of Jammu & Kashmir. This way the Central Excise authorities have diluted the commitment made by the Government of India in the year 2002 which envisaged the economic upliftment and creation of employment potential through industrialization in the state.
Due to issuance of this amended notification the existing and future entrepreneurs are in double mind whether to continue with the industrial ventures in the state or not.
In 2002, the government had agreed to extend a North-East type of package to Jammu & Kashmir with the commitment that the incentives shall remain effective in letter & spirit for a period of ten years for those units which come up in between 2002-2012.
Almost entire industry in the Valley became sick during the decade old political unrest in Jammu and Kashmir.
Many business organizations have demanded a 10-year income tax exemption for companies in Jammu and Kashmir in order to pave way for mass industrialization and eradication of unemployment.
Meanwhile, Union minister of state for commerce Jairam Ramesh in his recent visit to the state assured local businessmen that he would take up the issue of debt relief package to the suffering units with the Prime Minister.
The new policy provided major fiscal incentives to new industrial units and substantial expansion of existing industrial units, whereby new and existing units under expansion set up in growth centres, industrial infrastructural development centres and other locations such as industrial estates, parks, export processing zones (EPZs), commercial estates etc will be entitled to 100 per cent exemption from excise duty for a period of 10 years from the date of commencement of commercial production. |
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