Industrial growth registers sharp decline in State

* HP offers better incentives than J&K: BBIA

Excelsior Correspondent
JAMMU, Aug 3: The industrial growth has registered a sharp decline in the Jammu and Kashmir State during last three years while Himachal Pradesh has been offering better incentives and benefits to the industry as compared to the J&K State.
Data compiled from the State Industries and Commerce Department has revealed that during 2016-17 a total 253 industrial units were set up in the J&K State and they started production. These units provided employment to 2830 persons. The during 2017-18, the number of industrial units established in the State were 209 and they generated employment for 2641 persons including outsiders.
But unfortunately, a sharp decline in growth was recorded during 2018-19 because during this period just 141 industrial units were set up in the State and only 141 people were provided employment. During past four months of this financial year, the things have further deteriorated, the sources said.
Meanwhile, a delegation of Bari Brahmana Industrial Association led by its president, Lalit Mahajan which recently visited newly development Industrial Estate at Damtal in Himachal Pradesh near Pathankote, claimed that HP Govt is offering better incentives to the industrialists. They also had detailed deliberations with the Director Industries, Himachal Pradesh over the issues and found that Himachal is offering far better SOPs to the industrialists intending to set up their units there as compared to J&K.
The BBIA said that the land lease is being offered for 95 years and lease rent is just Rs 500 per kanal per annum at Damtal (HP). The land premium for Green category is Rs 1440 per sq mt; the payment of land premium is 10% with application, 20% at the time of possession and balance 70% in five annual equal interest free installments in five years. Himachal is offering 5% electricity duty and just 3% registration fees. The State Transport subsidy and reimbursement of SGST for local sale is under active consideration of Himachal Govt, they added.
Referring to these SOPs, the BBIA said that many industrialists from this part of the State would likely to switch over to Himachal, if the State Government fails to address the burning issues of the Industry in the State. It is need of the hour that J&K Govt should take necessary measures for the revival of industrial growth in the State by providing fiscal incentives to existing units, the units under substantial expansion and the new units to attract new investment in J&K state. There is urgent need of State and Central package of fiscal incentives here. The State Governor, Satya Pal Malik must take necessary measures in this regard, the BBIA maintained.