Excelsior Correspondent
JAMMU, Jan 27: Indian Chamber of Commerce (ICC), Jammu chapter, led by its chairman Rahul Sahai, today presented a comprehensive memorandum to the Chief Minister Omar Abdullah, during the stakeholders’ interaction on Budget 2026–27 held here.
A key highlight of the memorandum was the demand for a pragmatic, fiscally balanced New Industrial Policy aimed at supporting existing industries, facilitating expansion and attracting fresh investments.
For existing industrial units, ICC proposed a turnover-linked incentive of 3 per cent for micro units and 2 per cent for small and medium enterprises with an annual cap, a 5 per cent working capital subsidy to mitigate the impact of the expiry of NCSS benefits in 2026, continuation of SGST reimbursement under SRO-31 till 2031 and beyond, and a 6 per cent interest subsidy on term loans for modernization and solar installations, along with suitable subsidy for adoption of renewable energy.
For units undertaking substantial expansion, the Chamber recommended extending turnover and working capital incentives to the expanded capacity, continuation of SGST refunds for both existing and new activities, a 6 per cent interest subsidy on expansion-linked term loans with higher caps, and a simplified capital subsidy of up to 35 per cent on machinery and solar plants with higher ceilings.
For new industrial units, ICC suggested a mix of turnover incentives, working capital subsidy, long-term SGST refunds linked to plant and machinery, capital subsidy up to 35 per cent, and interest subsidy on term loans to improve project viability and reduce early-stage financial stress.
The Chamber also pitched for a blanket exemption of stamp duty and court fee for industrial transactions, including enhancement or takeover of credit facilities, addition or change of product lines, and transactions involving leasehold land and assets in Government industrial estates.
Beyond industry, the memorandum highlighted the need for city-based IT parks, promotion of sports and exhibition-led economic activity, strengthening of social infrastructure such as parking, housing and skill development, and focused measures to boost tourism in Jammu.
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