MSMEs welcome relief package announced by LG, J&K
Srinagar, Sept 21 (KNN) Micro, Small and Medium Enterprises (MSMEs) have welcomed the announcement of Lt Governor for sanctioning a relief package of Rs 1350 crore for Jammu and Kashmir (J&K).
In a meeting held on Saturday, by Bari Brahmana Industries Association (BBIA), the industry members conveyed their heartiest thanks to Lieutenant Governor for the announcement of relief package of Rs 1350 crore for Jammu and Kashmir for the revival of Businesses in union territories of J&K in a bid to boost the business, Industry and the other ailing sectors suffered very badly since 5th August 2019.
As per the BBIA, the relief package includes, the 50 per cent exemption in the fixed charges of electricity bill for one year, 5 per cent interest Subvention Scheme for six months from 01-04-2020, exemption in stamp duty up to 31-3-2021, exemption in the water charges for six months from 01-04-2020 etc. and local filters for procurement through MSME on GeM for a period of 2 years in J&K.
''In view of difficulties due to the abolition of the toll tax, alternatively, procurement from MSME may be allowed in here through e-tendering for 2 years in relaxation of GFR & formulation of export promotion board will be set up in consultation with the stakeholders within 03 months,'' said BBIA.
''Existing industrial sector of J&K is working in the state since last 30 years facing the challenges like militancy, hostile neighbour like China & Pakistan, Shallow Market and it is the need of the hour to continue all the present fiscal incentives for next 10 years,'' said BBIA.
BBIA also requested Lt Governor Manoj Sinha to consult with the stakeholders of J&K before finalising the new Industrial Policy.