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FOIJ Disappointed with the Budget Provisions under Industrial Policy 2021-30 for Existing Industry in Interim Budget for the period 2024-25

Jammu, 06-02-2024: An urgent meeting of the Federation of Industries, Jammu was held today under the Chairmanship of Sh. T.S. Reen in the presence of Sh. Lalit Mahajan,  Sh. Jatinder Aul & Sh. Deepak Dhawan Co-Chairmen, FOIJ, Sh. Viraaj Malhotra Secretary General, Sh. Pardeep Vaid Convenor and other Members of FOIJ to discuss the allocation of Funds for Existing Industry under Industrial Policy 2021-30.

During discussion members present in the meeting raised serious concern towards the allocation of only Rs. 40 Crores as published in today’s newspaper as Incentives under Industrial Policy 2021-30 for the Existing as well as New Industrial Units in the Interim Budget for 2024-25 presented by Smt. Nirmala Sitharaman, Hon’ble Union Minister of Finance yesterday.

It is pertinent to mention here that in the Industrial Policy 2021-30, a provision of 50 Crores per annum as Turnover Incentive has been allocated for Existing working Units as on 31-3-2021 and the other Incentives of DG Set Subsidy for Existing as well as New Units being set up under the NCSS-2021 Scheme against which only 40 Crores provision has been made as per the Budget Highlights published which we termed a step towards the clouser of Existing Units in near future.

It is worthwhile to mention here that JKUT Administration has betrayed with the Existing Units with the withholding of requisite funds for Turnover Incentives Claims amounting to Rs. 207 Crores for the Financial Year 2021-22 already pending with the Industries & Commerce Department for which repeated requests and reminders has been given to JKUT Administration for the enhancement of Budgetary Allocation but the allocated funds of Rs. 50 Crores under the last year Budget Allocation not yet released in favour of Industrial Units resulting great resentments amongst the Unit Holders in spite of the facts working Industrial Units of J&K providing Direct & Indirect Employment  to approx. 4 to 5 Lakhs Local working in hostile conditions since 1990.

We request  Hon’ble Lt. Governor Sh. Manoj Sinha, Hon’ble Chief Secretary Sh. Atal Dulloo, IAS, Union Territory of J&K and Sh. Santosh Dattatreya Vaidya (IAS),  Principal Secretary Finance Department to reconsider our request for the allocation of Rs. 207 Crores for the settlement of Turnover Incentive Claims for the period 2021-22 and revise Budget allocation should be granted to settle the Turnover Incentive Claims of working Industrial Units for the period 2022-23 and 2023-24 on the basis of actual Claims submitted by the Industrial Units.






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