Jammu industrialists hail Union Budget, seek sops on long-term basis

Bari Brahmana Industries Association (BBIA), a Jammu-based body of industrialists, on Saturday hailed the Union Budget allocations for Jammu and Kashmir but requested long-term fiscal incentives for existing and new units.

"We welcome the union budget and the allocation of Rs 27300 crore for the promotion of Industrial sector," BBIA said in a statement after a meeting to discuss the Union Budget 2020-21, presented by Finance Minister Nirmala Sitharaman.

The members conveyed their heartiest thanks to Lt Governor G C Murmu for his efforts for grant of Rs 30,757 crores in the Budget for Jammu and Kashmir.

They also expressed hope that the administration would provide adequate share from the Budget for the grant of incentives to the existing as well as new industrial units in respect of reimbursement of CGST/SGST/turnover for the import of raw materials and export of finished goods.

It also said the Union Territory of Jammu and Kashmir should be allotted the requisite funds for the grant of Central government fiscal incentives for the existing and new units on long-term basis in 2020-21.

"The rapid Industrialization in Jammu is the need of the hour to provide employment to the local youths and therefore we request the Lt Governor to take up the matter with the Central government for the grant of Fiscal Incentives on long term basis to the existing units, units under substantial expansion and new units to create the employment avenues," the BBIA said.