Outside investment impossible without Central package: BBIA

Excelsior Correspondent
JAMMU, May 9:    Bari Brahmana Industrial Association (BBIA)  has claimed  that without the Central package of incentives, it is not possible to attract investors from outside the State.
In a meeting of BBIA  held today under the chairmanship of Lalit Mahajan, president of the Association, the members  pointed out that  without the Central package of incentives, it will not be possible to attract massive Investment from outside the State as well to rope in local entrepreneurs. They said that  J&K  is a land locked and due to additional cost of transportation of  raw material and finished goods,  product cost always go on higher side.  The industrial sector is also neglected in the cross LoC  trade as most of the items manufactured in this State are not included in the list of items approved for the cross LOC trade.
The members also raised their concern about the cumbersome guidelines framed by Govt of India for the disbursement of  fright subsidy and other incentives due to which the allocation of funds by Govt of India remains unutilized for which Govt of India should issue fresh guidelines under ease of doing business concept adopted by Govt of India.
The BBI members further appealed the Industries Minister to  take up their important issues  on priority basis with the Central Govt, for the speedy industrial growth. The major issues included,  restoration of Central Excise package with 100 percent refund, Income Tax holidays for 10 years for Industrial sector, extension of DIPP package of  incentives  for the capital investment subsidy,  interest subsidy  and insurance  subsidy which is going to be expired on  June 14, 2017;  establishment of  mother industry in J&K, provision of freight subsidy for the Industrial sector for the dispatch of goods to other parts of the country, opening of new cross LoC trade route from Nowshera-Jhangar  to POK and international trade route through Suchetgarh border for Industrial growth of J&K State.
The meeting was also attended by Rahul Bansal- senior vice president BBIA,  Varun Singla -vice president BBIA,  Ajay Langer – general secretary BBIA and  Viraaj Malhotra- treasurer BBIA.