Excelsior Correspondent
JAMMU, Dec 4: A delegation from the Federation of Industries Jammu (FoIJ), led by Lalit Mahajan and including Virendra Jain, SC Dutta, Ajit Bawa, Co-Chairman Raman Jolly, and Secretary General Sanjay Langar, met with Vikramjit Singh, Commissioner/Secretary of the Industries & Commerce Department in Jammu. They raised pressing concerns regarding the operational industrial units in Jammu and Kashmir, submitting a detailed representation about the challenges faced by local industries.
Mahajan emphasized the struggles of these units, which have been adversely affected by the reduction of fiscal incentives following the abrogation of Article 370, leading to considerable dissatisfaction among business owners who provide jobs to many in J&K.
The delegation highlighted that approximately 30,000 crores have been invested in existing Micro, Small, and Medium Enterprises (MSMEs) in Jammu and Kashmir up to March 31, 2021. Most of these enterprises are locally owned, yet they are currently receiving only Rs 450 crores annually in SGST refunds and a meager Rs 20-25 crores as turnover incentives. In stark contrast, new industries benefiting from the Central Industrial Package are receiving around Rs 3,266 crores per year, creating intense competition for established MSMEs that have persisted through significant challenges.
Mahajan urged the Commissioner/Secretary to provide sufficient funding to existing industrial units, equivalent to the incentives given to new establishments under the Central Package.
Vikramjit Singh listened attentively to the issues presented and assured the delegation that the government would offer comprehensive support to revive the struggling industrial units in the Union Territory of Jammu and Kashmir.
