Writes to Prime Minister, Union Finance Minister; Says JK needs
handholding tochannelizeinvestment
SRINAGAR, AUGUST 07: To give a
push to investment and industrialization in Jammu and Kashmir, Governor N N
Vohra has urged the Government of India to extend to the State, the incentives
available under North East Industrial Development Scheme (NEIDS)-2017.
The Governor has, through separate communications addressed to the Prime
Minister, Narendra Modi, Union Finance Minister, Piyush Goyal and Union
Minister for Industries & Commerce, Suresh Prabu, sought their intervention
in getting incentives available under NEIDS extended to J&K to promote
investment, industrialization and socio-economic stability in the State.
Pertinently, NEIDS was launched by the Government of India in 2017 to
catalyze industrial development in the North Eastern Region and it will remain
in force up to 31st March 2022.
NEIDS covers new units in manufacturing and services sectors and
provides for Central Capital Investment Incentives for access to credit,
Central Interest Incentive, Central Comprehensive Insurance Incentive, Goods
and Services Tax Reimbursement, Income Tax Reimbursement, Transport Incentive
and Employment Incentive. No such incentives are available under Industrial
Development Scheme (IDS) for J&K which was launched in April 2018.
The Governor said given the State’s locational and other disadvantages,
it needs robust handholding for channelizing sustained investments for economic
development and employment generation.
Enumerating the cogent reasons for incorporating all the incentives
available under NEIDS in IDS-J&K, the Governor has said that J&K
suffers from several serious disadvantages including geographical remoteness;
long distances from the major markets in the country; poor connectivity;
infrastructural gaps andweather-related problems which deter investments in the
State.
“It may not be purposeful for me to reiterate the various serious
challenges we face in J&K, due to which MSME (Micro, Small and Medium
Enterprises) sector continues to rely very heavily on the varied support which
is provided by the Government. While we are taking all possible initiatives to
provide skills to our youth establish their own enterprises, we shall not be
able to achieve the envisaged headway unless we succeed in attracting large
scale investors,” Mr Vohra has said in his communication adding that several
investors in J&K have withdrawn their commitments even after allotment of
land and conclusion of lease deeds.
“I shall be grateful if you would please consider supporting our plea
and issue very early directions for the incentives available under NEIDS being
made available to our State under IDS-J&K,” Mr Vohra said in his
Communication to the Prime Minister.
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