BBIA’s Demand for Rs 160 Crore Additional Funds to Propel Industrial Development

02-08-2023 : In response to the pressing concerns of industrial units in the region, the Bari Brahmana Industrial Association (BBIA) has approached the government, seeking the immediate release of fiscal incentives for the benefit of industrial enterprises. An urgent meeting was convened under the leadership of Lalit Mahajan, Co-Chairman Federation of Industries Jammu, and President of BBIA, in the presence of key members, including Tarun Singla (Senior Vice President), Ajay Langer (Vice President), Viraaj Malhotra (General Secretary), Rajesh Jain (Secretary), Vivek Singhal (Treasurer), along with other members, to discuss the critical issue of pending claims.

The primary concern raised during the meeting pertained to the unresolved claims of turnover incentives submitted by existing industrial units of Jammu, Kashmir, and Ladakh Union Territory (JKUT) for the Financial Year 2021-22. The total amount of these pending claims stands at a staggering Rs 206 crores, which have been awaiting approval from the Industries Department for an extended period. Unfortunately, the funds available with the Department only amount to Rs 50 crores, leaving a substantial gap of Rs 160 crores, which has already been communicated to the Finance Department. However, as of now, no action has been taken by the Finance Department to release these additional funds, resulting in immense hardships for the existing industrial units in the region.

Adding to the complexities, new industrial units that have commenced production under Notification No. F/1(1)2020-SSS dated 19-02-2021 issued by the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Industry & Commerce, are also facing challenges in obtaining the much-needed GST Link Fiscal Incentives. Although claims for these incentives have been duly submitted on a quarterly basis, the Industries Department has yet to process any of these claims.

In light of these critical issues, BBIA has made a fervent appeal to the Lieutenant Governor of the Union Territory, Manoj Sinha, and Vikramjit Singh (IPS), Commissioner of the Industries & Commerce Department, seeking their immediate intervention in the matter. The BBIA has specifically requested the grant of an additional allocation of Rs 160 crores to be earmarked for the release of Turnover Incentives for the Financial Year 2021-22 to the existing industrial units. Furthermore, the association has urged the authorities to issue necessary directions for the expeditious sanctioning of the GST Link Incentive cases for the new industrial units on a priority basis. These measures are deemed crucial as they would provide much-needed relief to the industrial unit holders in the region, facilitating their growth and development.