BBIA Demand Fiscal Incentives at Par with New Units in the LG’s Proposal of Rs. 75000 Cr. sent to GOI for the Extension of Industrial Package under NCSS-2021
Jammu, 10-12-2024: Sh. Lalit Mahajan, Chairman Federation of Industries & President Bari Brahmana Industries Association welcome the proposal sent by Hon’ble Lt. Governor Sh. Manoj Sinha to Govt. of India for the Extension of Package of Incentives under NCSS-2021 from Rs. 28400 Crores to Rs.75000 Crores as per the news published on 7th December 2024 with a request to provide Fiscal Incentives to Existing working Units at par with new units which will provide relief to Existing as well as Prospective Investors.
It is Pertinent to mention here that approx. 300 Applications of New Units pending for the approval with the Industries Department of J&K as the present Package of Rs. 28400 Crores has been exhausted. It was also brought into our Notice that request of Industries Department of J&K is pending with the Department for Promotion of Industry & Internal Trade, New Delhi for the approval of pending cases with the provision of 115% of the approved Funds (Total Allocation of Rs.32394 Crores) as per the Point No. 4 by the virtue of which it has been clarified that the projected Financial Liability of the approved Registration up to 30-09-2024 shall be 115% of the approved Funds but the decision is pending at the Secretary level of DPIIT resulting uncertainty prevails in the mind of the Prospective Investors.
It is pertinent to mention here that to save the Existing Working Industrial Units and on the basis of massive response to Central package of Incentives, it is the need of the hour to extend the Package to Rs.75000 Crores with the grant of all the Fiscal Incentives to Existing Working Units at par with the New Units which will provide relief to Existing as well as New Units.
Bari Brahmana Industries Association appreciate the step taken by Hon’ble Lt. Governor Sh. Manoj Sinha for the Extension of Package of Incentives to Rs.75000 Crores and request Hon’ble Prime Minister Sh. Narendra Modi, Hon’ble Home Minister Sh. Amit Shah, Hon’ble Chief Minister Sh. Omar Abdullah, Hon’ble Dy. Chief Minister Sh. Surinder Kumar Choudhary for the Extension of Central Package of Incentives to Rs.75000 Crores with the grant of Fiscal Incentives to Existing Working Industrial Units at par with New Units which will create Employment Opportunities for Local youths of J&K.
