Excelsior Correspondent
JAMMU, Dec 17: A delegation of Federation of Industries, Jammu (FoIJ) under the chairmanship of Lalit Mahajan Co-Chairman and Satish Kaul, Chairman, J&K Pharmaceutical Manufacturer’s Association met Nirmala Sitharaman, Union Finance Minister and Dr Jitendra Singh, Minister of State in PMO and submitted a detailed memorandum of various urgent issues related to the Industrial Sector of J&K.
Mahajan conveyed gratitude to the Finance Minister for the grant of Fiscal Incentives for the Industrial Sector as per the Industrial Package 2021 by Govt. of India. He said the Industrial fraternity of J&K termed it as a beginning of new era of development and industrialization.
During discussion, Mahajan highlighted various issues related to the Industrial Sector which includes that existing working industrial units facing serious problem of their survival due to non- applicability of Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 to the State of Jammu & Kashmir in respect of exemption under Notification No.56/2002-CE dated 13-11-2002 by Union Finance Ministry and requested the Finance Minister to defer the recovery notices issued by the Central Excise Department and collect only the principal amount in installment and waive off the interest charged on principal amount by the Central Excise Department to provide relief to these units.
Chairman, J&K Pharmaceutical Manufacturers’ Association, Satish Kaul highlighted the issues related to Pharmaceutical manufacturers sector and stated that in New Industrial Policy for Jammu and Kashmir dated February 19, 2021, not provide support for promoting exports of Pharmaceutical medicines from the newly carved Union Territory. He said the incentives for domestic manufacturing and sales should be extended to the existing manufacturers of Pharmaceutical exports in possible mechanism.
Kaul further demanded extension of 300 % GST benefits on substantial expansion to existing units and also requested that incentives should be provided in the New Industrial Policy for reimbursement of road freight incentives, establishment of Export Promotion Industrial Park and SEZ zones. He said income from exports should be exempted 100% from Income Tax for 10 years. Kaul stressed for inclusion of Pharmaceutical Sector under the ambit of RoDTEP (Scheme for remission of duties and taxes on exported products) Scheme announced on August 17, 2021 which will give Indian companies a competitive edge in the Global market and requested for relaxed norms for setting up API (Active Pharmaceutical ingredients) and Formulation industries in the Union Territory of J&K to enable counter Chinese upper hand in the larger export destinations of the world. This can usher into big economic revival, growth and create large possibilities for employment, Kaul added.
Nirmala Sitharaman and Dr Jitendra Singh gave a patient hearing and assured the delegation for the early resolution of the issues related to the Industrial Sector of J&K.
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