JAMMU, Oct 28: Bari Brahmana Industries Association (BBIA) has said that amendments in land laws will certainly give big boost to the industrial growth in Union Territory of Jammu and Kashmir.
A meeting of BBIA, Jammu was held today under chairmanship of Lalit Mahajan, chairman, Federation of Industries, Jammu and president BBIA, in presence of Tarun Singla, senior vice president, Ajay Langer vice president, Viraaj Malhotra general secretary, Rajesh Jain secretary, Vivek Singhal, treasurer of BBIA, wherein the speakers described the Amendment in the land laws in UT of J&K for the setting up of Industrial Unit in J&K by outsiders, as step in right direction.
The members present in the meeting conveyed their heartiest thanks to Prime Minister Narendra Modi, Union Home Minister Amit Shah and Lt. Governor Manoj Sinha for bringing a ray of hope for Industrialization in Jammu & Kashmir by the prospective entrepreneurs from outside the State which will open doors for huge investment in Industrial Sector, Health & Medical Education, Tourism Industry, Real Estate and other sector which will provide job opportunities to local youths in private sector.
“We will like to draw the attention of Prime Minister Narendra Modi, Union Home Minister Amit Shah and Lt. Governor Manoj Sinha that it is the need of the hour to provide State/Central Govt following Fiscal Incentives to existing Units, Units under substantial expansion and new units for rapid Industrialization in our State keeping in mind the factors like locational disadvantage, shallow market within the State due to hostile neighbor like China & Pakistan to attract the new investment in our State in Industrial Sector from outside the State which will boost the J&K economy,” Mahajan said.
BBIA demanded road freight reimbursement on the import of raw materials from outside the J&K UT and export of finished goods to other part of country, turnover Incentives to Micro & Small Scale Units selling their goods within the UT, budgetary support of 2% turnover on Inter State sale to all the units and State CGST/SGST reimbursement benefits to new units and units under expansion.
Association requested the Lt Governor to notify the proposed New Industrial Policy 2020 with the inclusion of above mention incentives to attract new investment in Industrial sector in near future.