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| CCI submits Memo to PM | | ‘Demands revival of package of incentives’ | | Early Times Reporter
Jammu | Apr 26
While expressing gratitude to the Prime Minister, Dr Manmohan Singh, for taking keen interest in the welfare of the Jammu and Kashmir state, the Chamber of Commerce and Industry regretted ‘the withdrawal of package of incentives half way has caused aspersions on the credibility of the central government’.
In a memorandum submitted to the Prime Minister here today, the CCI has reminded the PM that Jammu and Kashmir has received a meager investment of about Rs.3500 crores where as the states of Himachal Pradesh and Uttrakhand got the investment of more than 10 to 20 times in comparison to our state. Of the total excise exemption of Rs.87 000 crores, only Rs 820 crore has been granted to Jammu and Kashmir State. It regretted that the notification of Central Excise dated March 27 last has virtually snatched away this benefit to the industry which is likely to further reduce the benefit to the state to the tune of about Rs.500 crore resulting in the slow pace of industrialization which had just started picking up.
The memorandum further said that as a result of this impugned notification, the huge amount funded by the financial institutions and allied benefits to the economic growth will also be hampered very badly.
The CCI in its memorandum has pleaded that being the most backward state situated at a locational disadvantage there is imperative need that the entire Jammu and Kashmir should be notified to be eligible for establishment of industry to get the benefit of central package of incentives. |
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