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| CCI Jammu raises concerns over decline of existing industry, urges government support | | | Early Times Report
JAMMU, Aug 2: In an urgent meeting held today, the Chamber of Commerce & Industry, Jammu expressed deep concern over the declining state of the existing industry. The meeting, chaired by Sr. Vice President Sh. Anil Gupta, discussed the challenges faced by old industries in the region, highlighting the lack of support compared to new industries.
The office bearers of the Chamber emphasized that while packages for new industries are attractive, there are no such incentives or support measures for the existing ones. This disparity puts the old industry at a disadvantage as new industries receive full reimbursement of GST and enjoy subsidized bank loans and working capital. The prevailing situation could force many old industries to shut down, leading to unemployment among thousands of workers.
The Chamber members expressed their disappointment over the absence of future prospects for export-oriented industries. Being a consuming state, Jammu and Kashmir heavily relies on raw materials from outside the region, making production costs higher. Additionally, export industries have to bear the burden of freight charges for finished goods up to ports, significantly impacting their profitability and viability.
The Chamber made an earnest appeal to Hon'ble Union Finance Minister Madam Nirmala Sitharaman, Honorable Lieutenant Governor Sh. Manoj Sinha, and Commissioner of Industry Department Sh. Vikram Jit Singh to consider the plight of existing industries and extend necessary support. They stressed the importance of addressing the challenges faced by old industries to promote sustainable growth and preserve livelihoods in the region.
The Chamber of Commerce & Industry, Jammu, urged the authorities to provide special incentives to export-oriented industries, enabling them to survive and contribute to the economic development of the Union Territory of Jammu and Kashmir. The members sought a positive and polite approach from the government to foster collaboration and create an environment where existing industries can thrive and prosper. |
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