J&K: BBIA Chief Hopes For Investments & Fiscal Incentives To MSMEs

General News

BBIA President Lalit Mahajan hopes for investments in J&K to create jobs and has also called for additional fiscal incentives and support for the MSMEs

Written By Akriti Tyagi | Mumbai | Updated On:

After the abrogation of Jammu and Kashmir's special status, Bari Brahmana Industries Associations (BBIA) is hopeful of large investment in the state which will create ample employment opportunities for the local youth, reported PTI. 

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Hopes for Investment

"After the historical decision of abrogation of Article 370, we are hopeful that massive investment may take place in industrial and service sectors which include medical, education, tourism, and other related sectors of Jammu and Kashmir, resulting in employment opportunities for local youths in near future," BBIA President Lalit Mahajan has said. 

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Calls for Additional Fiscal Incentives

Along with this, the BBIA also called for additional fiscal incentives for existing working units and the service sector which provide direct and indirect employment to lakhs of people in J&K. Mahajan, who chaired a meeting of the association's members to discuss proposed incentives packages for industry and service sectors, said it was resolved that providing additional fiscal incentives to existing working units and the service sector is the need of the hour. 

"The unit holders are working since long in spite of all the odds and providing direct and indirect employment to around five lakh people and are surviving on the basis of fiscal incentives from time to time keeping in mind the hilly terrain and limited market," he said.

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While appreciating the Centre's marketing support for apple growers, the BBIA President requested Governor Satya Pal Malik to give similar support to the Micro, Small, and Medium Enterprise (MSME) sector in J&K to encourage the interstate sale of finished products. He sought road transport subsidy for MSMEs and reimbursements of two per cent of sale amount on sales within the state and also on interstate sales. He also demanded compulsory procurement of goods by state-based Public Sector Undertakings (PSUs) from the local MSME units and continuation of present fiscal incentives along with new incentives to be announced by the Centre and J&K state government. 

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Article 370

On August 5, PM Modi-led government abrogated Article 370 of the constitution, stripping the state of J&K off its special status and bifurcated the state into two Union Territories, Jammu & Kashmir and Ladakh. J&K has been on lockdown due to security reasons since then. Though the restrictions put on the valley have been lifted in most parts, curbs still continue in a few parts of the state. Many separatists and three former Kashmir Chief Ministers of J&K have also been detained in custody in response to the situation in the Valley.

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