Rs 75,000 Crore Investment in J&K Stuck Due to Pending Incentives: FOIJ

Jammu, Jul 7 (KNN) The Federation of Industries Jammu (FOIJ) has raised serious concerns about delays in the registration of 700 industrial units under the NCSS-2021 scheme in Jammu and Kashmir. 

These delays have put a potential investment of Rs 75,000 crore at risk and created uncertainty for investors.

FOIJ Chairman Lalit Mahajan has appealed to Prime Minister Narendra Modi, Home Minister Amit Shah, Commerce Minister Piyush Goyal, Lt. Governor Manoj Sinha, and Chief Minister Omar Abdullah to resolve the issue urgently. 

He highlighted that while the central government had allocated Rs 29,400 crore under the NCSS-2021 Industrial Development Scheme, 67% of it was given to just 3% of large-scale industries. 

In contrast, 97% of MSMEs received only 33% of the allocation, which has caused dissatisfaction among small investors.

Out of the 700 pending cases, 400 units had applied online before the deadline of September 30, 2024. Many of them have already invested heavily in land, machinery, and infrastructure. 

Another 300 units applied offline due to reasons like lease deed registration issues or lack of developed industrial land.

FOIJ stressed that despite the investment and readiness of these units, their registration is still pending with the Industries and Commerce Department of J&K. 

Lt. Governor Manoj Sinha has already approached the central government for an additional Rs 75,000 crore allocation to accommodate these investors.

The Federation also urged the government to finalise and release the new State Industrial Policy and Warehousing Policy. 

According to FOIJ, resolving these issues will create lakhs of jobs in the region, supporting the broader goal of economic development and youth employment in the post-Article 370 era.

(KNN Bureau)