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| Industrial sector disappointed with Union Budget 2012-13: FOIJ | | | Early Times Report
Jammu, Mar 16: In an meeting of Federation of Industries Jammu (FOIJ) held today at BBIA Bhawan, Bari Brahmana under the Chairmanship of Annil Suri the members have expressed their strong resentment towards the Union Budget presented by Union Finance Minister in which the Industrial sector of J&K has been totally ignored in FY 2012-13.
Expressing concerns the industrial sector has been neglected, the members requested Prime Minister of India, Dr Manmohan Singh and Chief Minister Omar Abdullah to intervene into the matter and save the Industrial Sector of J&K by providing instant relief in the shape of Package of Incentives for the Extension of Income Tax Holiday & the restoration of 100% Refund of Central Excise for next 10 years.
During the deliberations, the members observed that the Union Govt is not at all interested for the growth of Industrial Sector in J&K which is already on the verge of closure due to Location Disadvantages & Disturbed Condition of the State. "The Govt. of India already diluted the Central Excise Duty benefits by reducing the refund of Central Excise. Further no Extension has been granted in the case of Income Tax Holidays which is going to be expired on 31-03-2012, they added.
They apprehended that no fresh Industrial Investment will come to J&K due to non extension of Income Tax Holiday & the existing Unit Holders may opt for closing down of their units resulting many fold increase in the unemployment in our State.
Members also observed that the cost of the production of the existing units will increase due to enhancement in Excise Duty by 2% (i.e. 10 to 12) & also any further increase in the prices of fuels like Petrol, Diesel, LPG Gas will contribute to the additional cost of production due to which the products of the Industrial Units may be unviable in the market due to land lock State.
The meeting was attended by Co-chairman FOI T.S. Reen, S.C. Dutta, Vinod Rishi, Jatinder Aul & other Office Bearers of the all Industrial Associations. |
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