Jammu Industry Federation lauds J&K Industrial Development Package 2021

Jammu, Jan 9 (KNN) Federation of Industry Jammu (FoIJ) hailed the government's decision to grant 'Industrial Development Package 2021' to Jammu and Kashmir (J&K)  and extended their thanks to Prime Minister Narendra Modi.

During a meeting held under the chairmanship of Lalit Mahajan, Chairman, FoIJ on Friday also saw discussion on a package to J&K industrial units.

Mahajan, while welcoming the “Industrial Development Package-2021” which will open doors for the huge investment in the industrial sector, requested Lt. Governor Manoj Sinha to provide the following state fiscal incentives in the New State Industrial Policy with the consultation of the stakeholders.

 The fiscal incentive includes: Road Freight Reimbursement on the import of Raw Materials from outside the State & Export of Finished Goods to other part of Country & Exports; Turnover Incentives to Micro & Small Scale Units selling their goods within the State of UT of J&K; Budgetary support of 2 per cent turnover on interstate sale to all the units; state CGST/SGST reimbursement benefits to existing units, units under expansion and new Units;

Protection to local MSME units with the price and purchase preference in respect of purchase by State and Central government departments and Free Hold Rights to the working industrial units for the land allotted by J&K SIDCO/ SICOP on Lease basis.

The Union government on Thursday announced an industrial development scheme for the Union Territory (UT) of J&K worth Rs 28,400 crores.

Sinha during a press conference asserted that the scheme will facilitate new investments, substantial expansion and also nurture existing industries in the newly-carved union territory.

The scheme is upto the year 2037 at a total cost of Rs. 28,400 crore

“The industrial scheme is from the period of date of notification upto the year 2037 with a total outlay of Rs 28,400 crores. This will encourage new investments, substantial expansion and also nurture existing industries in Jammu & Kashmir,” Sinha had said.

''The new policy has an outlay of a “historic amount” of Rs 24,800 crores,'' the LG added.

Sinha also asserted that ever since the reorganisation of the erstwhile state, J&K as a UT has turned into a land of opportunity.

“In the last 16 months, Jammu and Kashmir has been transformed into a land of opportunity with forward-looking policy to guarantee prosperity and economic success,” he avowed.