New Delhi, Dec 29 (KNN) With the year 2017 about to end, the industrial sector in Jammu region comprising primarily of Micro, Small and Medium Enterprises (MSMEs) continue to face tough time in the backdrop of demonetization and implementation of Goods and Services Tax (GST), Bari Brahamana Industries Association informed. 

Talking to KNN, Suresh Mahajan, Sr. Vice President of BBIA reviewed the year 2017 as an year full of complications in comparison to previous ten years for the MSMEs of the state.

Pre-GST era

Highlighting the performance the state has been giving prior to GST Mahajan said that the four industrial regions of Jammu namely Bari Brahmana, Samba, Bijaypur and Kathua had witnessed growth more than any other region of the country.

This signals that the industry is ready to do business as well as the market is viable for the same, but with the difficult times persisting, the future of the state is at stake, Mahajan said.

Early GST times

Majahan said that with the coming of Goods and Services Tax (GST), the incentives for industries were stopped.

Following the stoppage of incentive package, the industry approached the government demanding reinstatement of incentives.

“After repeated representations, the government did come up with a package, but that did not solve our woes in total, Mahajan said.

The announced incentive package was not applicable for all the industries, because of which things couldn’t ease up, he said.  Only a handful of 400 units are eligible for incentives as per the announced package, how is the business ecosystem to survive here, Mahajan raised.

Social risks

Complication in doing business in a region like Jammu comes with an added layer of risks around it.  

The stability in state depends on youth being able to find jobs, but with industries going out of business, the 4-5 lakh employed youth are at the stake of losing jobs, hinting to possible social chaos in the already unstable state. (KNN/DA)