24-11-2021: A Delegation of Federation of Industries, Jammu under the Chairmanship of Sh. Lalit Mahajan Co-Chairman met Smt. Nirmala Sitharaman, Hon’ble Union Finance Minister in the presence of Sh. Manoj Sinha, Hon’ble Lt. Governor JKUT and submitted a detailed Memorandum of various urgent issues related to the Industrial Sector of J&K for her Kind Consideration.
Sh. Lalit Mahajan conveyed Heartiest Thanks to Hon’ble Prime Minister Sh. Narendra Modi and Hon’ble Union Home Minister for the grant of Fiscal Incentives for the Industrial Sector as per the Industrial Package 2021 by Govt. of India and Industrial Fraternity of Jammu & Kashmir termed it as a beginning of new Era of Development & Industrialization and we are hopeful that the Industrialization will achieve a new height in the coming days in our State to provide Employment Opportunities to the local youths as well as overall growth in the State Economy as we are expecting the huge Investment in Industrial Sector of J&K on the basis of Rs. 28,400 Crores Central Industrial Package announced by Govt. of India.
During the course of discussions with the Hon’ble Union Finance Minister, Sh. Lalit Mahajan highlighted the various issues related to the Industrial Sector which includes that Existing Working Industrial Units facing serious problems of their survival due to the non-applicability of Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 to the State of Jammu & Kashmir in respect of Exemption under Notification No.56/2002-CE dated 13.11.2002 by Union Finance Ministry, Denial of 300% Reimbursement of Gross GST for the substantial Expansion to the Existing MSME Units as on 31-3-2021 under the Industrial Development Scheme 2021, notified by Ministry of Industries & Commerce, Road Freight Reimbursement to Existing Units for the dispatch of Finished Goods to Domestic Market as well as for Export from Union Territory of Jammu & Kashmir due to higher Freight Cost of Raw Materials keeping in mind the Locational disadvantages and Reduction of GST on the Iron & Non-Ferrous Metal Scrap from 18% to 5%.
Smt. Nirmala Sitharaman, Hon’ble Union Finance Minister gave a patient hearing and assured the Delegation for the early resolution of the issues related to the Industrial Sector of J&K.
Sh. Ajit Bawa Co-Chairman, Sh. Viraaj Malhotra, Secretary General, Sh. Gagan Jain Executive Member, Federation of Industries, Jammu also attended the meeting