Jammu, 19-04-2024: The Industries and Commerce Department has responded to reports circulating in certain newspapers regarding concerns over the disbursal of turnover incentive claims. A statement received by the department clarified that the Jammu and Kashmir Industrial Policy 2021-30 aims to attract significant investment in industry, fostering the production of goods, services, and employment opportunities by maximizing available resources.
In line with this objective, the Government of Jammu and Kashmir introduced the Turnover Incentive Scheme-2021 to provide a liquidity boost to eligible existing unit holders within the policy’s timeframe, with an overall cap of Rs. 50 crore per annum, subject to fund availability on a proportionate basis of disclosed turnover.
The Divisional Level Committees approved cases for both the Jammu and Kashmir divisions under the Turnover Incentive Scheme 2021 for the fiscal year 2021-22. Funds amounting to Rs. 26.40 crore were distributed proportionately among eligible existing unit holders.
However, the department acknowledged that due to certain external factors, the funds could not be released from the treasuries towards the end of the financial year. Nonetheless, the Government of the Union Territory of Jammu and Kashmir has assured unit promoters that the available funds for the turnover incentive for the fiscal year 2021-22 will be released shortly. Both the Industries and Commerce Department and the Finance Department have initiated actions in this regard. Additionally, in accordance with the policy, the Government of Jammu and Kashmir will release the promised funds for the fiscal year 2022-23 as well.
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