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Hailing the proposed ‘Investor’s Summit 2019’ in J&K, Jammu MSME urge Guv to ensure participation of stakeholders

Updated: Aug 16, 2019 09:10:00am
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Hailing the proposed ‘Investor’s Summit 2019’ in J&K, Jammu MSME urge Guv to ensure participation of stakeholders

Jammu, Aug 16 (KNN) The micro, small and medium enterprises from Jammu region are optimistic that the Investors’ Summit, announced to be held in October this year, will help in rapid industrialization in the state.

The Bari Brahmana Industries Association (BBIA) has termed the proposed Investors’ Summit-2019 hailed the decision taken by the Jammu & Kashmir Government working under the able guidance of Governor Satya Pal Malik to attract new investment in the State.

In a meeting held under the leadership of Lalit Mahajan, President BBIA, members of the association discussed the proposed Investor’s Summit 2019 scheduled to be begin from October 12, 2019 in J&K.

BBIA said that K. Skandan, Advisor to Governor and Navin K. Choudhary, Principal Secretary, Industries & Commerce Department along with the officials of the department are working on this project to explore the possibilities to attract new investments in the state.

A vision document is also being prepared which also includes the special package of incentives for industrial and tourism sectors.

BBIA also mentioned that in 2004 massive investment in industrial sector was witnessed on the basis of package of incentives announced by the then NDA Government but due to dilution of the same by UPA Government in 2008 and in 2010, a large number of units either faced slowdown or they had to close down their activities.

The industrial growth also declined in post GST regime because of very limited fiscal incentives available to the industrial sector of Jammu & Kashmir, said Mahajan.

The association said “It is the need of the hour to provide long term fiscal incentives to attract investments in the industrial sector which includes 100% reimbursement/exemption of GST/transport subsidy by road on raw materials and finished goods/, capital investment subsidy, Income Tax exemption and other related incentives with a sun set clause of 20 years and other remedial measure to ensure the hassle free environment for the industrialization in J&K.

The association has also requested the Governor to ensure participation of stakeholders in the Summit. (KNN Bureau)

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