FOIJ chairman Lalit Mahajan submit memorandum to Union Finance Minister Smt. Nirmala Sitharaman
17-12-2021:A Delegation of Federation of Industries, Jammu under the Chairmanship of Sh. Lalit Mahajan Co-Chairman & Sh. Satish Kaul, Chairman, J&K Pharmaceutical Manufacturer’s Association met Smt. Nirmala Sitharaman, Hon’ble Union Finance Minister, and Dr. Jitendra Singh, Hon’ble Minister of State, For Prime Minister Office, 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 Finance 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 the 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 and requested the Hon’ble Finance Minister to defer the recovery notices issued by the Central Excise Department and collect only the Principal Amount in Installment & waive off the Interest charged on Principal Amount by the Central Excise Department to provide relief the Existing Industrial Unit.
Sh. Satish Kaul, Chairman, J&K Pharmaceutical Manufacturer’s Association highlighted the issues related to Pharmaceutical Manufacturers Sector and stated that in New Industrial Policy for Jammu and Kashmir dated 19th February 2021, not provide support for promoting exports of Pharmaceutical Medicines from the newly carved Union Territory, Incentives for domestic manufacturing and sales should be extended to the existing Manufacturers of Pharmaceutical Exports in possible mechanism, extension of 300% GST benefits on Substantial Expansion to Existing units y & also request that Incentives should be provided in the new industrial policy for Reimbursement of road freight incentives, Establishment of Export Promotion Industrial Park, and SEZ zones, Income from Exports should be exempted 100% from Income Tax for 10 years, Inclusion of Pharmaceutical Sector under the ambit of RoDTEP (Scheme for the remission of duties and taxes on exported products) scheme
announced on 17 August 2021 which will give Indian companies a competitive edge in the Global market, request for relaxed norms for setting up API (Active Pharmaceutical ingredients) and Formulation industries in the union Territory of J&K to enable counter Chinese upper hand in the larger export destinations of the world. This can usher into big economic revival, growth and create large possibilities for employment.
Smt. Nirmala Sitharaman, Hon’ble Union Finance Minister Smt Nirmala Sitaraman, and Dr. Jitendra Singh, Hon’ble Minister of State, For Prime Minister Office, gave a patient hearing and assured the Delegation for the early resolution of the issues related to the Industrial Sector of J&K.
