Existing Industrial Units of Jammu & Kashmir Facing Crisis: Pending Turnover Incentives Claims Await Release by Finance Department
FINANCE DEPARTMENT FAILED TO RELEASE FUNDS TO CLEAR TURNOVER INCENTIVES PENDING CLAIMS OF 2021-22 AND 2022-23 OF EXISTING WORKING UNITS OF JKUT.
Jammu, 13-07-2024: We wish to draw the kind attention of Hon’ble Lt. Governor Sh. Manoj Sinha towards the plight of Existing Working Units of Jammu & Kashmir suffering very badly due to non-release of requisite funds to Industries Department by the Finance Department to clear the Liability of Turnover Incentives Claims for the Financial year 2021-22 and 2022-23 in spite of repeated requests and reminders which show the casual attitude of Finance Department towards the Existing Working Units of Jammu & Kashmir majority of the same being run by the Sons of soil in spite of all the Odds and providing Direct and Indirect Employment to Lakhs of Local Peoples.
While highlighting the issue, Sh. Lalit Mahajan Chairman Federation of Industries Jammu drew the kind attention of the Hon’ble Lt. Governor that with effect from 01-04-2021, the Finance Department has withdrawn the SRO 431 of 2018 which was notified for providing Hand Holding support to working Industrial Units of Jammu & Kashmir with an annual Budgetary Support of approx.200 Crores per annum and the same has been replaced by providing 50 Crores Initial Budget on an annual basis in the Industrial Policy 2021 with the assurance to Stake Holders that the the Claims shall be settled on the basis of actual Turnover Incentive Claims and accordingly the Turnover Incentive Claims has been filed by the working Industrial Units of Jammu & Kashmir for the Financial year 2021-22 amounting to approx.Rs.206 Crores(Rs.176 Crores and Rs 30 Crores of Kashmir Division) against which nothing has been released till ending March 2024 and after taking the matter with the Industries Department only 8 to 10% payment has been released in the month of June 2024 for the Financial Year 2021-22 to some of the Industrial Units and when contacted the Industries Department It was conveyed to us that Funds awaited to clear the balance Liability of part payment to leftover Units for the Claims of Financial year 2021-22 whereas nothing has been done so far to process the cases for the Financial Year 2022-23 resulting great resentment amongst the Existing Working Units of JKUT.
We request Hon’ble Lt. Governor Sh. Manoj Sinha to kindly intervene into the matter with the directions to Finance and Industries Department for the release of Requisite Funds to Clear the Liability of Turnover Incentives for the period 2021-22 and 2022-23 on the basis of actual claims filed and also take up the matter with Hon’ble Union Finance Minister for the Budgetary Allocation of requisite Funds to clear the for Turnover Incentives Claims of Industrial Sector of J & K on actual basis in the Union Budget for the 2024-25.
