7,000 small units facing losses: Industries’ federation

Jammu, October 18

The Federation of Industries on Thursday claimed the the micro and small-scale sector in Jammu and Kashmir is on the verge of closure due to due to the lack of fiscal incentives on a par with the pre-GST regime in the state.

The federation members held a meeting to discuss the situation of manufacturing units in the state, especially in the Jammu region.

“Due to the inadequate fiscal incentives in the post-GST regime by the J&K Government, nearly 7,000 units are facing huge losses. Many of the units are on the verge of closure which would deprive thousands of local youth of employment,” said Lalit Mahajan, chairman, Federation of Industries.

Another prominent industrialist, Bansi Lal Gupta alleged the government was discriminating against the micro and small-scale units.

“The state had extended 2 per cent budgetary support in lieu of Central Sales Tax and freight subsidy to 400 manufacturing units on the inter-state sale of goods but no such incentive was given to the micro and small-scale sector,” said Gupta. — TNS