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J&K MSME Body Raises Concerns Over Pending Turnover Incentive Claims

Updated: Apr 04, 2024 02:47:21pm

J&K MSME Body Raises Concerns Over Pending Turnover Incentive Claims

Jammu, Apr 4 (KNN) The Federation of Industries, Jammu (FOIJ) has expressed serious concerns over the non-release of funds for clearance of turnover incentive claims owed to existing industrial units in Jammu and Kashmir.

In an urgent meeting held on Wednesday, FOIJ members stated that Rs. 207 crores meant for turnover incentives for financial year 2021-22 have not been disbursed despite an allocation of Rs. 50 crores in the budget, the association stated in a press release.

The industry body highlighted that existing MSMEs in J&K, which provide jobs to around 4-5 lakh locals directly and indirectly, are facing competitive pressures from new industrial units being incentivised under various central government schemes providing benefits like GST reimbursement.

FOIJ claimed the fiscal incentives announced under J&K's Industrial Policy 2021-30 have failed to materialise on the ground due to the pending turnover incentive payments for 2021-22 and 2022-23.

Other grievances flagged included denial of SGST reimbursement for expanded units and lack of purchase preferences from state government departments.

With some units on the verge of closure risking job losses, FOIJ has urged the J&K Lieutenant Governor, Chief Secretary and Industries Commissioner to intervene and resolve the long-pending issues by releasing adequate funds and providing marketing support.

The body warned that failure to address the concerns could lead to retrenchments of industrial workers, impacting employment opportunities in the region. Both existing and new industrial units are crucial for J&K's economic development.

(KNN Bureau)


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