Excelsior Correspondent
JAMMU, Dec 7: Bari Brahamana Industries Association has claimed that despite tall claims of massive indutrialisation in J&K after creation of UT, the industrial growth has shown sharp decline.
An urgent meeting of the BBIA was held under the presidentship of Lalit Mahajan in the presence of its office bearers and other members where the speakers expressed concerned over declining trend in the Industrial growth in the manufacturing sector. They said a very negligible growth has been observed during past few months. It is because of dilution in the Fiscal Incentives to the existing units and non- availability of State Fiscal Incentives for new units and units under substantial expansion.
As per the data available with the Association, during 2016-17 253 units were strated and employment for 2830 persons was created while during 2017-18, it reduced to 209 units and employment of 2641 persons while during 2018-19 just 141 units and employment of 1321. It is surprising to note that during current year hardly 92 new units have been established in J&K so far showing sharp declining trend, where as employment has shown a negligible growth.
The BBIA pointed out that due to dilution of State/Central package of Incentives in post GST Regime as per the DIPP Scheme JKIDS-2017 and non availability of State Fiscal Incentives for new units and units under substantial expansion, number of investors surrendered the land allotted to them prior to 2017 for the setting up of the Units and shelved their projects.
Now, it is the need of the hour that State/Central Govt should adopt some measures on war footing basis for the revival of Industrial growth in J&K by providing the Fiscal incentives to Existinge units, units under substantial expansion and new units to attract new investment in J&K. They demanded reimbursement of 100% CGST/SGST/IGST to the existing units, units under substantial expansion and new units including the Hotel Industry, 5% reimbursement of freight by road on the Import of raw materials, 2% reimbursement of invoice value in lieu of CST (Incentive prior to GST) for interstate to all the existing and units under substantial expansion and 5% reimbursement as Incentive on the Invoice Value for the goods sold within the state by micro and small scale sector and so on.
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