Industrials Call for Assistance from the New Regime
The industrial fraternity in Jammu has under the Federation of Industries (FOI) sought help from Jammu and Kashmir Chief Minister Omar Abdullah to help revive the sick Micro, Small, and Medium Enterprsie (MSME) industry. Lalit Mahajan, the chairman of FOI extended his greetings to the newly formed National Conference Led Government and said that he was confident that the new government will arise at the issues confronting the region’s industries.
Problems Encountered by Existing Micro, Small and Medium Enterprises
Mahajan said that the majority of MSMEs operating in the region are experiencing a negative impact because while the government is reducing fiscal incentives for MSMEs it is also allowing new units in the CSP under the New Central Sector Scheme. He focused on the issue of proper legislation for fair competition so that existing businesses should continue and expand in today’s economic conditions.
Fiscals and Tax Credit Requirements
However, Laxman Mahajan presented the opportunity during a meeting with the chief minister when he proposed the provision of fiscal incentives for the next 10 years. He also appealed to the government for a refund on SGST, CGST, and IGST depending on turnover, which often puts the financial burden on MSMEs. He said these measures are important in restoring confidence in the sector.
Promotions support And purchase preference
Mahajan urged the government to assist in marketing by preferring the sector’s MSMEs in the acquisition of various products and services by the government. This would have fixed many local unit needs that have been almost put off balance due to competition.
Analysis of the Jammu & Kashmir Industrial Policy
To grow the existing MSMEs, the FOI demanded the restoration of the Industrial Advisory Committee and further demanded the government revisit the Jammu and Kashmir State Industrial Policy. This would also guarantee the continuation of fiscals and enshrine the preservation of the region’s industrial units.
