JAMMU, Apr 20: Sharp decline reported in the industrial growth in the State in post GST regime due to non- availability of fiscal incentives to the new units resulting shifting of capital from J&K State to other States nearest to the market.
The position is more serious as due to non- availability of the job avenues in State, the educated youth have no option but to shift to other parts of the country to earn their bread and butter and we fear that in case immediate remedial measures not adopt by the Central/State Govt for the grant of fiscal incentives at par with the North Eastern States to J&K State.
It is worthwhile to mentioned here that the industrial units of the State are working in spite of all the odds for the last 28 years facing the militancy limited market avenues as we are surrounded by the hostile neighbors like China and Pakistan, locational disadvantages resulting higher cost of raw materials and the stiff competition from the units located in the neighboring States and it is the need of the hour to provide the fiscal incentives at par with the North Eastern States for the industrial growth in the State for which thousand crores of rupees has been spent by the State Industries Department for the Development of New Industrial Estates in Jammu as well as in Kashmir division.
To apprise the latest situation to the Chief Minister, a delegation of Federation of Industries Jammu under the chairmanship of Lalit Mahajan, Chairman FoIJ, along with Jatinder Aul, Rattan Dogra, Ajit Bawa, Deepak Dhawan (Co-Chairmen) and others met the Chief Minister yesterday.
During the course of discussions, Lalit Mahajan requested the Chief Minister to take immediate steps to save the MSME sector from of the State from closer and issue necessary directions to resolve the following issues on priority basis. They demanded refund of GST as per SROs 529/521 and 63 on monthly basis instead of quarterly basis, budgetary support under SROs 519/521 and 63 to the units under substantial expansion and new units also, relief to micro and small scale unit having annual turnover less than Rs 1.5 crore by refund of 42% CGST with the reimbursement of 5% incentive on sale turnover to such units covered under the SRO 63 who are selling their product within the state. Mahajan also requested the Chief Minister to take up the matter with Prime Minister.