BBIA hopes for massive investment in J&K after abrogation of special status

After abrogation of Jammu and Kashmir's special status, industry association BBIA is hopeful of large investment in the state which will create ample employment opportunities for the local youth.

However, the Bari Brahmana Industries Associations (BBIA) called for additional fiscal incentives for existing working units and service sector which are providing direct and indirect employment to lakhs of people.

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

Mahajan, who chaired a meeting of the association's members to discuss proposed incentives package for industry and service sector in the state, said it was resolved that providing additional fiscal incentives to existing working units and 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.

While appreciating the Centre's marketing support for apple growers, Mahajan requested Governor Satya Pal Malik to give similar support to MSME sector to encourage the interstate sale of finished products.

He sought road transport subsidy for MSMEs and reimbursement of two per cent of sale amount on sale within the state and also on interstate sale.

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 state government.