'New land laws will boost industrial growth in J&K'

Jammu industrialists welcome new land laws, say will boost industrial growth in J&K

Representative image/Credit: PTI File Photo

Thanking Prime Minister Narendra Modi and Union Home Minister Amit Shah for bringing a ray of hope for Industrialisation in Jammu and Kashmir, an apex body of Jammu-based industrialists on Wednesday welcomed the new land laws in J&K and said they will boost industrial growth in the Union Territory.

The Bari Brahmana Industries Association (BBIA), Jammu, welcomed amendment in land laws of J&K for the setting up of industrial units by outsiders.

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"The members of the association thanked Prime Minister Narendra Modi, Union Home Minister Amit Shah and J&K Lieutenant Governor Manoj Sinha for bringing a ray of hope for Industrialisation in Jammu and Kashmir by the prospective entrepreneurs from outside," its President Lalit Mahajan said.

Mahajan, who chaired a meeting of the association, said the new land laws would open doors for huge investment in the industrial sector, health and medical education, tourism Industry, real estate and other sectors which will provide job opportunities to the local youth in the private sector.

Drawing the attention of the prime minister, home minister and lieutenant governor, Mahajan said, "It is the need of the hour to provide fiscal incentives to existing units, units under substantial expansion and new units for rapid industrialisation keeping in mind the factors like location disadvantage, shallow market due to hostile neighbours like China and Pakistan."

The BBIA president demanded road freight reimbursement on bringing raw materials from outside J&K, and supply of finished goods to other parts of country.

He also sought turnover incentives for micro and small units selling their goods within the UT of J&K, budgetary support of 2 per cent turnover on inter-state sale to all the units, state CGST and SGST reimbursement benefits to new units and units under expansion.

"We request the lieutenant governor to notify the proposed new industrial policy 2020 with the inclusion of such incentives to attract new investment in the Industrial sector in near future," he said.