Proposed central industrial package for J&K is merely eyewash: AOI
New Delhi, Dec 24 (KNN) The entrepreneurs of Jammu and Kashmir (J&K) are alleging that the proposed central industrial package for J&K is merely an eyewash and is just pouring salt on the wounds of already suffering Small and Micro industrial sectors.
Entrepreneurs were gathered at a meeting of the Advisory and Executive Committee of Association of Industries (AOI), Gangyal, Jammu.
Entrepreneurs feel that SMEs require modifications to suit existing / prospective industries.
The entrepreneurs felt that the entire package as appeared in the print media appears to be promotional package to attract new industries from outside the State which may or may not prefer to establish their new units in the State, considering the lack of fiscal incentives from State
AOI requested direct intervention of Governor to come to the rescue of the local Micro / Small industrial sector so as to include the existing industry within the ambit of the package.
Simultaneously, the state government should take conducive steps to extend state fiscal incentives to provide level playing field to restore competitive edge of the local Small / Micro units.
The proposed package limits the provisions of Central fiscal incentives only for five years as if to limit their total physical contribution within 5 years and that too within the limits of their capital investments which we think will not attract any fresh investment from outside the State.
The proposed package primarily envisages the availability of package till 31-03-2020 only.
Entrepreneurs taking into consideration past experience of industrialization in the State feel that even the highly organized and efficient entrepreneurs may find it difficult to conceive, finalize and materialize their units within this shorter span of time.
Moreover the package does not contain any attraction for existing local Small / Micro units who are already suffering due to denial of State fiscal incentives which AOI has continuously been demanding.
Simultaneously it has no apparent attraction for prospective new units.
Entrepreneurs felt that package is neither beneficial for survival of existing industry nor attractive for new industries.
Hence package as announced cannot be useful for development of industrial sector in the State.
The meeting was attended by the Office Bearers, namely, Bansi Lal Gupta, Senior Vice President, Ashok Jain, Vice President, Pardeep Vaid, General Secretary, Sandeep Ohri, Secretary including all the advisory and executive members of the Association