Trade organizations hail new Industrial Scheme for J&K

Excelsior Correspondent
JAMMU, Jan 8: The new Industrial Scheme for Jammu and Kashmir announced yesterday by Lt Governor Manoj Sinha was welcomed today by several trade organizations which expressed confidence that that the scheme will transform the industrial ecosystem of entire J&K.
Welcoming the New Industrial Development Scheme for J&K, Sanjay Aggarwal, president of PHD Chamber of Commerce and Industries (PHDCCI) and Rahul Sahai (chairman PHDCCI Jammu) said that the Central Sector Scheme will result in employment generation for the youth and there by socio economic development of the area.
Sahai hailed Central Government and Government of J&K for coming up with the holistic scheme which is offering balanced industrial development in all the regions of UT. He hoped that the scheme would be able to generate lakhs of new jobs each year for the next 15 years. He appealed LG Manoj Sinha for adding benefits for local industries who cannot invest upto 50 crore. He expressed confidence that Government of J&K will definitely think for local unit holders too.
Hailing the new industrial scheme worth Rs 28,400 crores, Federation of All India Vyapar Mandal (FAIVM) said this package will act as a booster for industrial sector. “Development of industrial sector will be helpful for the business sector also and it will generate thousands of jobs for the unemployed people, which directly leads to socio-economic development of Jammu and Kashmir,” said Sanjay Bansal (president of FAIVM) in a statement.
The Federation also requested Government of Jammu and Kashmir to consider the impact of toll tax removal on items/products manufactured by the local industries. “In this respect, inward and outward movements for the raw materials and finished products, freight and turnover on finished goods may be considered for betterment of local industries,” it said.
Federation of Industries, Jammu led by its chairman Lalit Mahajan also hailed the Industrial Development Package granted by the Government of India. Lalit Mahajan, while welcoming Package, said it will open doors for the huge investment in the Industrial Sector but at the same time he also stressed upon the need to provide the industrial units some State Fiscal Incentives in the New State Industrial Policy such as Road Freight Reimbursement on the import of raw materials from outside J&K and export of finished goods to other part of country, turnover incentives to MSMEs selling their goods within J&K and budgetary support of 2% turnover on interstate sale to all the units.
Hotel and Restaurant Association, Katra also welcomed the New Industrial Developmental Scheme announced by the Government. “The scheme will increase the employment opportunities in J&K and will boost the Industrial & economical growth in a big way,” said Rakesh Wazir, president of the Association.
Wazir requested the Government that while seeing the eligibility for the scheme it should be kept in mind that maximum number of units may get eligible in availing that incentive scheme and the local business community in addition to outsiders too should invest vigorously in UT to avail these incentives.