A Jammu-based industry body today appealed Prime Minister Narendra Modi and state governor N N Vohra for extension of fiscal incentives, claiming that the GST rollout has impacted the industrial growth of the state.
The Federation of Industries (FOI) said that post GST regime, there is a sharp decline in the industrial growth due to non-availability of central and state fiscal incentives to new units and the units under substantial expansion.
The industrial estates developed in the state with the investment of crores of rupees are lying vacant due to non availability of investor. The position is more serious in respect of 7,000 to 8,000 micro and small scale units working in the state, FOI chairman Lalit Mahajan said in a statement here.
He said the position is more serious due to reduction in the fiscal incentives available to the working units in post GST regime as compared to the fiscal incentives in pre-GST regime.
he said even the Incentives approved in the state budget for the financial year 2018-19 in February were not notified yet by the state government resulting in uncertainty in the minds of majority of units working in the state.
We appeal to the Prime Minister and the state Governor for the extension of the central and state fiscal incentives to the existing as well as new units and also to provide the relief to existing MSME units by providing additional incentives for their survival, he said.
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