STATE TIMES NEWS
JAMMU: All stakeholders of Industrial fraternity of Jammu Province have urged Prime Minister Narendra Modi and Lt Governor Manoj Sinha to save existing Micro & Small Scale Industrial sector of JKUT from closure as existing MSME sector and Service Sector have been totally ignored while granting fiscal incentives in Industrial Package 2021, issued by Ministry of Industry & Commerce.
While addressing a Press Conference at Press Club, Jammu by Lalit Mahajan Chairman Federation of Industries, Jammu in presence of Jatinder Aul, Vijay Aggarwal, Ajit Lal Bawa Co-Chairmen FOIJ, Tarun Singla Sr Vice President BBIA, Ajay Langer Vice President BBIA, Viraaj Malhotra General Secretary BBIA, Rajesh Jain Secretary BBIA, Vivek Singhal Treasurer BBIA, Vinay Mahajan Vice President KIUA, Vinod Rishi Chairman SSI Samba & members of Executive Committee of Industrial Association of Jammu Province.
During the press conference, serious concern was raised towards uncertainty prevailing in mind of Working MSME Micro and Small Scale Industrial Units of J&K due to inadequate Fiscal Incentives granted with denial of Reimbursement of Gross GST to Existing Units and Unit under Substantial Expansion, due to which Unhealthy Competition may be faced from the New Investors in the State who will get the Benefits of Gross GST Reimbursement of 300 per cent on the Investment of Plant & Machinery.
“We fear that working Existing Industrial Units may opt for closure of their Units in future due to non availability of Central Govt. Fiscal Incentives as per with the Industrial Development package 2021 for New Units which may be resulting into mass scale Retrenchment of Local Industrial Workers & it is the need of the hour to provide all the Central Fiscal Incentives as per the Industrial Development Package 2021 to all the existing Units and Units under Substantial Expansion to save the local existing working Units,” he added.
The members urged Prime Minister Narendra Modi and Lt Governor Manoj Sinha for their intervention for modification in notification with the grant of Gross GST Reimbursement to existing working Units and Units under Substantial Expansion also and 5 per cent Interest Subvention to New Units and Existing Units under Substantial Expansion with grant of fiscal incentives.