FOIJ meets Finance Minister, submit problems faced by MSME units in J&K

Jammu, 24 Nov (KNN) A Delegation of Federation of Industries, Jammu (FOIJ) under the Chairmanship of  Lalit Mahajan Co-Chairman met Nirmala Sitharaman, Union Finance Minister in the presence of Manoj Sinha, Lt. Governor J&K and submitted a detailed Memorandum consisting of various urgent issues related to the Industrial Sector of J&K.

During the course of discussions with the Union Finance Minister, Mahajan highlighted the various issues related to the Industrial Sector which includes that Existing Working Industrial Units facing serious problem of their survival due to non-applicability of Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 to the State of Jammu & Kashmir in respect of Exemption under Notification No.56/2002-CE dated 13.11.2002 by Union Finance Ministry.

He also pressed on the denial of  300% Reimbursement of Gross GST for the substantial exemption to the existing MSME units as on 31-3-2021 under the Industrial Development Scheme 021, notified by Ministry of Industries & Commerce, Road Freight Reimbursement to Existing Units for the dispatch of Finished  Goods to Domestic Market as well as for Export from Union Territory of Jammu & Kashmir due to higher Freight Cost of Raw Materials keeping in mind the locational disadvantages and reduction of GST on the Iron & Non Ferrous Metal Scrap from 18% to 5%.

“We are hopeful  that the Industrialization will achieve a new height in the coming days in our State to provide Employment Opportunities to the local youths as well as overall growth in the State Economy as we are expecting the huge Investment in Industrial Sector of J&K on the basis of INR 28,400 crore Central Industrial Package announced by Govt. of India,” added Mahajan.

Finance Minister Sitharaman, gave a patient hearing and assured the delegation for the early resolution of the issues related to the Industrial Sector of J&K.

Ajit Bawa Co-Chairman, Viraaj Malhotra, Secretary General, Gagan Jain Executive Member, Federation of Industries, Jammu also attended the meeting.