Excelsior Correspondent
JAMMU, Nov 19: Federation of Industries Jammu ( FOIJ) has requested the Government to hold pre-budget discussions with the stake holders before presentation of Budget in the J&K Assembly for the coming financial year.
An emergency meeting of Federation of Industries, Jammu was held today under the chairmanship of Lalit Mahajan in presence of Varinder Jain, Jatinder Aul, SC Dutta, Ajit Lal Bawa, Raman Jolly Co-Chairmen, FOIJ, and other executive members of the Federation of Industries Jammu in which members present requested the Chief Minister Omar Abdullah and Deputy Chief Minister Surinder Kumar Choudhary for holding pre-budget discussions with stake holders before the finalization of Budget Estimates for 2025-26 related to Fiscal Incentives for existing working industrial units of Jammu & Kashmir.
While highlighting the issue Mahajan, Chairman of the Federation of Industries Jammu invited attention of Chief Minister and Deputy Chief Minister that J&K Govt has already started the process for the finalization of Budget proposals for the Financial Year 2025-26 and it is the need of the hour to consult all the stake holders of Industrial Sector for threadbare discussions for the grant of Fiscal Incentives to existing units.
It is worthwhile to mention here that the State Fiscal incentives for the existing industrial working units have been reduced to Rs 500 per annum from Rs 1800 crores per annum by the UT Administration since 2021 resulting uncertainty prevails in the mind of the existing working Industrial Units mostly run by the sons of the soil, providing direct and indirect employment to nearly 3 lakhs.
It is pertinent to mention here that the State fiscal incentives has been reduced to only Rs 500 crores per annum for existing working units as on 01-04-2021 whereas Rs.2840 crores per annum has been allocated to new units under NCSS-2021 Scheme of Govt of India resulting stiff competition has been reported between the old and new units. There is need to provide immediate relief to existing working units with the restoration of State Package to Rs 1800 crores per annum in the shape of Turnover Incentive, Reimbursement of SGST/CGST and Interest Subvention to Existing Working Units/ Units under Substantial expansion with the grant of additional budgetary support of Rs 1000 crores.
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