Excelsior Correspondent
JAMMU, Aug 20: Federation of Industries Jammu (FOIJ) has demanded release of pending turnover incentives of the industrial unit holders in the Jammu and Kashmir.
A meeting of the office bearers of FOIJ was held today under the chairmanship of Virendra Jain and attended by its Co-Chairmen Lalit Mahajan, Ajit Bawa, Jatinder Aul, SC Dutta, Viraaj Malhotra, secretary general and Sanjay Langar, Convenor and others. These members discussed the problems being faced by the industrial sector of J&K due to non-release of announced/promised turnover incentives.
The Federation of Industries, Jammu urged the Government to expedite the release of pending turnover incentives for the year 2021-22 and 2022-23. It said despite repeated efforts, only 11% to 14% of the claims filed for the Financial year 2021-22 incentives have been released, leaving a significant amount pending and crippling the industry’s growth.
The delayed release of funds have forced unit holders to bear the brunt, impacting their competitiveness and financial stability. “Justice delayed is justice denied,” office bearers of FOIJ said highlighting the urgent need for the Principal Secretary Finance to intervene.
“The Industry has already passed on the benefits to the market maintaining a level playing field. However, the pending claims have put a strain on resources, threatening the survival of units. We urge the Principal Secretary Finance to release the balance claims of 2021-22 and full claims of the year 2022-23 without any further delay,” Virendra Jain said.
He said the industry is a significant contributor to the economy, and the timely release of incentives would provide much needed relief. “We request the Principal Secretary Finance to take immediate action to avoid any further damage to the industry,” he added.
FOIJ also sought the intervention of Chief Minister, Deputy Chief Minister, Principal Secretary, Finance, Commissioner Secretary, Industries & Commerce to take this matter urgently and release the funds without any further delay.
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