Excelsior Correspondent
JAMMU, Apr 1: Federation of Industries Jammu (FoIJ), has said that refusal of turnover incentive claims by Finance Department is a major set back to the existing working industrial units in the region.
An urgent meeting of Federation of Industries, Jammu was held under the Chairmanship of Lalit Mahajan, Chairman FOIJ in the presence of Co-Chairmen Virendra Jain, SC Dutta, Jatinder Aul, Ajit Bawa, Raman Jolly with the participation of large number of members of Federation to discuss the issue regarding the refusal of 1st Installment of 10% turnover incentive reimbursement bills by Finance Department for the Financial Year 2022-23 of existing working Industrial units of Jammu & Kashmir.
The members expressed their agony over the attitude of the Government towards the existing Industrial Units as the Govt failed to release the payment of Budgetary allocation of Rs 50 crores as per the Industrial Policy 2021 in spite of the facts that assurances has been given by the present popular Govt that 2 to 3 % turnover incentive is being granted to working Industrial Units as per the Industrial Policy 2021.
It is pertinent to mention here that while working Industrial Sector of J&K expecting the announcement of more incentives by the popular Govt but the present incentive of turnover already announced/declared and promised, only 14 to 15 % has been approximately given in respect of claims filed for 2021-22 whereas , during the current Financial Year of 2024-25, the 1st Installment of turnover incentive bills pertaining to FY 2022-23 has been refused by the Finance Department due to reason best known to them resulting the lapse of funds meant for the turnover incentives for the Financial Year 2022-23 which we termed as betrayal with the existing working units, mostly being run by the sons of the soil.
FOIJ requested the Lt Governor Manoj Sinha, Chief Minister Omar Abdullah, and Deputy Chief Minister Surinder Kumar Choudhary to come to the rescue of the existing industrial sector of J&K by revalidating the funds allocated in Financial year 2024-25 for the release of turnover Incentives claims of the Financial year 2022-23 and also enhance the Budgetary allocation for the Industrial Incentives from Rs 130 crores to Rs. 500 crores for the settlement of turnover incentives and other subsidies for the Industrial Sector.
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