Jammu MSMEs urge PM Modi to grant sufficient funds in Budget 2019-20 to facilitate incentives
Jammu, June 12 (KNN) Micro, Small and Medium Enterprises (MSME) body, Bari Brahmana Industries Association (BBIA) has urged Prime Minister Narendra Modi to grant sufficient funds in the Budget 2019-20 for the grant of Central/State fiscal incentives to new units and units under substantial expansion.
The request was made at a meeting of BBIA held under the president-ship of Lalit Mahajan in the presence of Tarun Singla, senior vice president, Ajay Langer, vice president, Viraaj Malhotra, general secretary, Rajesh Jain, secretary, Vivek Singhal, treasurer and other members.
During the course of discussion, the members expressed concerned over the alarming decline in the industrial growth in last three years due to which they said very marginal employment generated in this sector of J&K.
They said present fiscal incentives has been diluted to 1/5th of the incentives available prior to GST Regime for the existing units for residual period while for new units and units under Substantial Expansion, the same has been diluted and linked with the investment of Plant & Machinery only.
In spite of assurances given by Central Government from time to time for the establishment of mother Industry like Rail Coach Factory/Railway Work Shop/Defence Equipment Production Units/Fertilizer Plant/Sugar Mill etc. in our state, nothing was been done, members pointed.
They said it is the need of the hour to sanction a mother industry of Central Government for providing opportunity to local MSME units to set up the Ancillary units.
With respect to the above mentioned concerns, the association requested Prime Minster Narendra Modi to schedule an urgent meeting with the Industrial Associations of J&K for a threadbare discussion to re-look the present fiscal incentives for the industrial sector of the State.