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news details
Federation of Industries urges ministry of MSME for support amidst economic challenges
4/11/2024 10:29:45 PM
Early Times Report
JAMMU, Apr 11: In a proactive move aimed at securing the future of existing industrial units in Jammu & Kashmir, the Federation of Industries Jammu (FOIJ) convened a crucial meeting with Sh. S.C.L. Das (IAS), Secretary of the Ministry of Micro, Small & Medium Enterprises (MSME), Government of India.
Led by T.S. Teen, Chairman of FOIJ, the delegation comprising prominent members including Lalit Mahajan and S.C. Dutta, Co-Chairmen of FOIJ, emphasized the pressing need for hand-holding support from the MSME Ministry to sustain the operational viability of industrial units grappling with the aftermath of the GST regime and the Industrial Policy 2021-30 of the Union Territory.
During the deliberations, the delegation highlighted the adverse impact of dilution of fiscal incentives post-GST, leading to a precarious situation for numerous industrial units facing closure due to challenges such as heightened transportation costs and limited marketing avenues within the state.
One of the pivotal concerns raised by the FOIJ delegation was the disparity in incentives between existing and new industrial units under the NCSS-2021 Scheme, resulting in a majority of existing units being left out of GST-linked incentives, thereby exacerbating their vulnerability.
The delegation further underscored various key issues affecting the survival of the industrial sector in Jammu & Kashmir, including the enhancement of budgetary allocation for turnover incentives, grant of GST-linked incentives for substantial expansion, road freight reimbursement for local units, and preference in state and central government purchases.
Responding to the concerns, S.C.L. Das assured the FOIJ delegation of the Ministry of MSME's commitment to addressing the specific challenges faced by MSME units in the Union Territory. He pledged to expedite discussions with the UT administration and relevant government ministries to seek early resolution and ensure the survival and growth of existing industrial units in Jammu & Kashmir.
The proactive engagement between FOIJ and the Ministry of MSME reflects a collaborative effort towards fostering economic resilience and sustainability in Jammu & Kashmir's industrial landscape amidst evolving challenges.
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