Excelsior Correspondent
JAMMU, Dec 3: A delegation of the Federation of Industries Jammu (FOIJ), led by Chairman Lalit Mahajan, along with co-Chairman SC Dutta, Ajit Bawa and Raman Jolly, met with Chief Minister Omar Abdullah to discuss pressing issues affecting the existing industrial units in Jammu and Kashmir. The delegation submitted a detailed representation highlighting the challenges faced by local industries.
Mahajan emphasized the adverse impact of diluted fiscal incentives following the abrogation of Article 370, which has created significant distress among industries employing thousands of locals. He said the existing MSMEs, with investments of approximately Rs 30,000 crores before March 2021, are receiving inadequate financial support, including Rs 450 crores annually as SGST refunds and Rs 20-25 crores as turnover incentives.
The FOIJ requested parity with the New Central Industrial Package, which allocates Rs 3,266 crores annually to new industries under NCSS 2021. They also sought enhancements to fiscal incentives, including GST-linked benefits, working capital interest subvention, marketing support, conversion of lease rights to freehold, and the removal of negative lists for edible oil and roasted groundnuts.
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