Explore market-intensive sectors for investment: Union Minister to JK’s Industrialists

BK Web Desk Srinagar
December 3, 2016 BUSINESS 461 Views
Explore market-intensive sectors for investment: Union Minister to JK’s Industrialists

Laghu Udyog Bharti J&K and Federation of Industries Jammu today organized a programme on “Industrialization for Employment Generation under GST Regime in Jammu and Kashmir”.

Union Minister of State, Finance Corporate Affairs, Arjun Ram Meghwal, Minister for Industries and Commerce Chander Parkash Ganga and Chief Executive Councilor LAHDC Leh Sonam Dawa attended the programme.

While speaking on the occasion, the Union Minister urged the local industrialists to explore the huge potential available in the defence, PSU manufacturing sector adding that collaboration between the Army and local industry can help in the economic development and growth of the State. He asked the local industrialists to explore new and market-intensive areas for growth and employment generation.

The Minister while highlighting the Union Government’s achievements said that the Union Cabinet has already merged the railway budget with the general budget from next year, putting end to an age-old practice. He said that the Modi led Government in the Centre is determined for regional balance and focusing on overall development of the country.

Responding to the demands put forth by the Laghu Udyog Bharti J&K, and Federation of Industries Jammu, the Minister assured them that all their genuine demands would be considered in upcoming union budget.

The demands presented by the federation include provision for relief to Industrial Sector of J&K under GST regime, Income Tax Holiday to Industrial Sector, Development of New Infrastructure, and other demands.

Federation of Industries Jammu also demanded that the present Excise Duty Incentive with 100 percent Refund and VAT Remission to Industry in J&K should be continued under the GST Regime at par with North Eastern States. Extension of DIPP Package of Incentive includes Capital Investment Subsidy, Interest Subsidy and Insurance Subsidy for next 10 years, the existing incentive package expiring on June 2017.

Minister for Industries and Commerce while speaking on the occasion informed that at present the Industrial sector of J&K is providing Direct and Indirect Employment to a number of youth in the state.  He said there is need for further Growth in Industrial sector in the state to generate more employment avenues for youth in the State.

Chief Executive Councilor LAHDC Leh Sonam Dawa said that Leh region has huge potential for industry development like setting up of solar energy generation projects.

Also present on the occasion were MLA Jammu East Rajesh Gupta, besides senior officers of JK SIDCO, JK SICOP, various representatives of Federation of Industries, Chamber of Commerce, Laghu Udyog Bharti.

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