Jammu industrialists seek CM’s intervention in revival of ailing MSME sector

PTI, Oct 17, 2024, 3:02 PM IST

A body of industrialists on Thursday sought the intervention of Jammu and Kashmir Chief Minister Omar Abdullah to ensure revival of the MSME (micro, small and medium enterprise) sector of the Union Territory.

Jammu-based Federation of Industries (FOI) hailed the formation of the National Conference-led government in Jammu and Kashmir and congratulated Abdullah and his cabinet colleagues.

FOI chairman Lalit Mahajan said the industrial fraternity of Jammu has a lot of expectations from the new government and hopes it will ensure revival and strengthening of the MSME sector.

He said the existing MSMEs, mostly run by the sons of the soil, are suffering due to dilution of fiscal incentives and stiff competition from new units being established under the New Central Sector Scheme (NCSS).\In his meeting with the chief minister, Mahajan highlighted long-pending issues related to the existing MSME units, and asked for fiscal incentives for the next 10 years.

He also urged the government to ensure reimbursement of SGST, CGST and IGST on the basis of each unit’s turnover and demanded marketing support in terms of giving preference to local units in procurement of goods and services by various government departments.

“It is the need of the hour to resolve the issues on priority basis to regain the confidence of existing industrial units which are suffering due to dilution of fiscal incentives and facing stiff competition from the new units being established under the NCSS.

“We request the chief minister for the revival of the industrial advisory committee and necessary directions to the industries department to revisit the J&K State Industrial Policy for the survival of existing MSME industrial working units with extension of fiscal incentives for next 10 years,” the statement said.