Excelsior Correspondent
JAMMU, Aug 14: Bari Brahmana Industries Association (BBIA) has termed the proposed Investors’ Summit-2019 being held in the Jammu and Kashmir as a step towards rapid industrialisation in the State.
A meeting of the Bari Brahmana Industries Association was held today under the leadership of Lalit Mahajan, president BBIA in presence of Tarun Singla, Ajay Langer, Viraaj Malhotra, Rajesh Jain, Vivek Singhal and other members of the Association to discuss the proposed Investor’s Summit 2019 scheduled to be held on Oct 12, 13 & 14, 2019.
The members present in the meeting lauded the decision taken by the J&K Govt working under the able guidance of Governor Satya Pal Malik to attract new investment in the Jammu & Kashmir.
It is worthwhile to mention here that K. Skandan, Advisor to Governor and Navin K. Choudhary, Principal Secretary, Industries & Commerce Department along with the officials of the department are working on this project to explore the possibilities to attract new investment in the industrial sector of J & K for which a vision document is under process which includes the special package of incentives on card for industrial and tourism sectors.
It is pertinent to mention here that in 2004 massive investment in industrial sector was witnessed on the basis of package of incentives announced by then NDA Govt but due to dilution of the same by UPA Govt in 2008 and in 2010 number of units slowed /closed down their activities and the industrial growth also declined in post GST regime due to very limited fiscal incentives available to the industrial sector of Jammu & Kashmir.
It is the need of the hour to provide long term Fiscal Incentives to attract the investment in the industrial sector which includes the 100% reimbursement/exemption of GST/transport subsidy by road on raw materials and finished goods/, capital investment subsidy, Income Tax exemption and other related incentives with a sun set clause of 20 years, creation of Land Bank with requisite infra structure in time bound manner, Special Economic Zone for setting up of export oriented units at par with the other states, time bound sanction of power supply and other remedial measure to ensure the hassle free environment for the industrialization in J&K. BBIA requested the Governor to ensure the participation of stake holders in the Summit.
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