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FOIJ commends administration's decision for MSME growth in JKUT
12/5/2023 10:02:29 PM

Early Times Report
JAMMU, Dec 5: Federation of Industries Jammu (FOIJ) convened a meeting under the chairmanship of T.S. Reen, Chairman FOIJ, with the presence of Lalit Mahajan, Deepak Dhawan, Viraaj Malhotra, Pardeep Vaid, and other Executive Committee Members. The meeting focused on welcoming the decision taken during the introductory review meeting of the Industries & Commerce Department, chaired by Atal Dulloo (IAS), Chief Secretary of the Union Territory of Jammu and Kashmir.
FOIJ members expressed their gratitude to Chief Secretary Atal Dulloo (IAS) and Commissioner/Secretary Industries & Commerce Department Vikramjit Singh (IPS) for the proactive steps taken to ensure the growth of the Micro, Small, and Medium Enterprises (MSME) sector in JKUT. The decision to have regular interactions with the representatives of the industrial sector was particularly appreciated.
During the meeting, members highlighted the importance of supporting the existing industrial units in JKUT, especially those run by local entrepreneurs, and providing them with fiscal incentives on par with the new units set up under the NCSS-2021 Package of Incentives announced by the Government of India. The need for a thorough review of the Jammu & Kashmir Industrial Policy 2021-30 with the consultation of stakeholders was emphasized.
FOIJ stressed the necessity to revisit turnover incentives based on the actual turnover of each financial year and the reimbursement of Goods and Services Tax (GST) to units opting for substantial expansion after April 1, 2021. They proposed extending fiscal incentives until March 31, 2031, to generate additional employment opportunities for local youths.
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