Excelsior Correspondent
JAMMU, Oct 21: JK Pharmaceutical Manufacturers’ Association (JKPMA) has claimed that Pharma Sector has been ignored by the Union Govt under New Industrial Policy for Jammu and Kashmir.
The Association, led by its Chairman, Satish Kaul, in several representations submitted to several concerned visiting Central Ministers to J&K, strongly projected this issue and sought immediate intervention of the Prime Minister Modi, Finance Minister and the concerned Industry and Commerce Minister in this regard.
In a memorandum submitted, the Association said that for the growth of Pharma sector in J&K UT and generate huge employment for local skilled and semi-skilled youth, the massive support to this sector is must. It pointed out that the growth of Pharmaceutical Manufacturing Industry is envisaged between US $120 to 130 billion by 2030 and will help reach India among top countries in the world in Pharma sector.
The Chairman regretted that the New Industrial Policy for Jammu and Kashmir announced on Feb 19, 2021 has not provided any support for promoting exports of Pharmaceutical medicines from the newly created UT of Jammu and Kashmir. He demanded that incentives provided in the new Industrial Policy for domestic manufacturing and sales, should be extended to the manufacturers of Pharmaceutical exports in possible mechanism.
Kaul further demanded reimbursement of road freight incentives for inward and outward supply for exports, establishment of Export Promotion Industrial Park and SEZ zones in Jammu; inclusion of Pharma sector under the ambit of RoDTEP Scheme announced on August 17, 2021 which will give Indian companies a competitive edge in the Global market, but Pharma sector has been kept out of this scheme which needs to be addressed at the earliest.
The Pharma Association further demanded that income from the exports should be exempted 100 % from Income Tax for 10 years. It urged the Union Govt to relax norms for setting up API ( Active Pharmaceutical Ingredients) and Formulation Industries in the J&K UT to enable counter Chinese upper hand in the larger export destinations of the world. This can usher into big economic revival, growth and create large possibilities for employment in J&K UT, the Association maintained.
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