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22/01/2020 11:51am

MSMEs in J&K disappointed over ignorance of local industrialists at 'Curtain Raiser Investors Meet'

image MSMEs in J&K disappointed over ignorance of local industrialists at 'Curtain Raiser Investors Meet'

Jammu, Jan 22 (KNN) The Micro Small and Medium Enterprises (MSME) in Jammu and Kashmir have expressed disappointment over ignorance of the local industrialists at the 'Curtain Raiser Investors Meet' held in the national capital on January 20.

In a meeting held here, Bari Brahmana Industries Association (BBIA) discussed the issues pertaining to Investors’ Meet. They regretted the rejection of the local unit holders from Jammu and Kashmir and pinned hoped that in next meet they will also be considered.

While welcoming the initiative taken by Industry Department for holding the first ever curtain raiser investor meet at New Delhi on Monday, the BBIA termed ''it as a step toward to hold an Investor’s Meet in the month of April 2020, a vision of Prime Minister Narenda Modi for rapid Industrialization in Union Territory of Jammu and Kashmir.''

BBIA further said pointed out that during 2017-18 209 new units came into existence, during 2018-19 just 141 while during 2019-20 up to October 2019, 92 new units were made operational in Jammu and Kashmir. This shows the sharp fall in investment in industrial sector. The employment also fell from 2641 to 1439 during last three years.

''Presently number of units working on the basis of interstate sale are in the process of closing down in near future due to dilution of package post GST regime and sunset clause to avail the incentives and if the immediate relief was not provided in the shape of fiscal incentives by State/Central Govt, they may vanish,'' BBIA said in a press release.

''Further, it was resolved that while endorsing the decision taken by government of India under the leadership of Narendra Modi in the interest of nation under “One Nation One Tax” slogan on removal of toll posts across the J&K, the attention of Lt Governor is invited that after abolishing the Toll Tax, it is need of the hour to provide additional Fiscal Incentive to existing industry,'' BBIA added.

They also demanded reimbursement of 100% CGST/SGST to existing units, units under substantial expansion & new units; 2% on the Intra-State sale value of goods to existing units. Unit under substantial expansion and new ones; 100% reimbursement of freight by road on the import of raw materials by units and marketing support with the 2% reimbursement of invoice value in lieu of CST prior to GST for interstate sale to all the existing units besides comprehensive Central package of fiscal incentives.

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