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| BBIA demands fiscal incentives for existing units at par with new units | | | Early Times Report
JAMMU, Dec 10: Lalit Mahajan, Chairman Federation of Industries and President of the Bari Brahmana Industries Association (BBIA), has welcomed the recent proposal by Lt. Governor Manoj Sinha sent to the Government of India for extending the NCSS-2021 industrial package from Rs. 28,400 crore to Rs. 75,000 crore. The proposal aims to provide fiscal incentives to both existing and new industrial units to support relief and investment opportunities in Jammu & Kashmir
Fiscal Incentives at Par:
BBIA has urged that fiscal incentives be extended to existing working units at the same level as new units to ensure relief for both current and prospective investors.
Pending Applications:
Around 300 applications for new industrial units remain pending due to the exhaustion of the current Rs. 28,400 crore package.
Uncertainty in Approvals:
It has been noted that requests from the Industries Department of J&K are awaiting clearance from the Department for Promotion of Industry & Internal Trade (DPIIT) in New Delhi. There is uncertainty surrounding financial liabilities projected to be 115% of approved funds (Rs. 32,394 crore), which remains pending at the Secretary level of DPIIT.
The BBIA has strongly emphasized:
The urgency to extend the industrial package to Rs. 75,000 crore.
Granting fiscal incentives to existing working industrial units in tandem with new ones to ensure employment opportunities for local youth.
BBIA has appreciated the proposal initiated by Hon'ble Lt. Governor Sh. Manoj Sinha and has requested support from key leaders, including:
Hon'ble Prime Minister Sh. Narendra Modi
Hon'ble Home Minister Sh. Amit Shah
Hon'ble Chief Minister Sh. Omar Abdullah
Hon'ble Deputy Chief Minister Sh. Surinder Kumar Choudhary
The proposed extension and additional incentives are expected to boost industrial growth, provide much-needed relief to existing industries, and create employment opportunities for local youth in Jammu & Kashmir.
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