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| FOIJ delegation meets J&K Chief Minister | | |  Early Times Report
JAMMU, Dec 3: A delegation from the Federation of Industries Jammu (FOIJ), led by Sh. Lalit Mahajan, met with Hon'ble Chief Minister Sh. Omar Abdullah in Jammu to address the challenges faced by existing industrial units in Jammu and Kashmir. The delegation also included Co-Chairmen Sh. S.C. Dutta, Sh. Ajit Bawa, and Sh. Raman Jolly.
Dilution of Fiscal Incentives: After the abrogation of Article 370, fiscal incentives have reduced significantly, creating resentment among local industries.
Inadequate Financial Support: Current allocations of Rs. 450 crore as SGST refunds and Rs. 20-25 crore as turnover incentives are insufficient compared to the Rs. 3,266 crore annual allocation under the New Central Industrial Package.
Stiff Competition: Existing MSMEs face challenges due to competition from new industries set up under the NCSS 2021.
Parity in Incentives: Adequate funds at par with the New Central Package for existing industrial units.
Enhanced Budget Allocation: For turnover incentives and GST-linked incentives as per Govt. Order No. 127- Ind. of 2021.
Marketing Support: Including price/purchase preferences for local industries.
Conversion of Leaseholder Rights: To freehold rights for existing units.
Removal of Negative Lists: For edible oil and roasted groundnuts.
Upgradation of Infrastructure: Allocating funds to J&K SIDCO/SICOP for upgrading existing industrial estates.
Omar Abdullah acknowledged the issues and assured the delegation of his government's support to revive and sustain the existing industrial units.
The meeting highlights the urgent need for policy reforms to ensure the survival and growth of local industries, which are critical for the region's economy and employment. |
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