Jammu Industrialists Seek Chief Minister’s Intervention for MSME Revival

On Thursday, a body of industrialists from Jammu and Kashmir, led by the Federation of Industries (FOI), called for the intervention of Chief Minister Omar Abdullah to address the challenges faced by the ailing MSME (Micro, Small and Medium Enterprises) sector in the Union Territory. The FOI welcomed the formation of the National Conference-led government and extended their congratulations to Chief Minister Abdullah and his cabinet members.

Lalit Mahajan, the FOI chairman, emphasized that the industrial sector in Jammu has high expectations from the new government, particularly concerning the revival and strengthening of the MSME sector. He pointed out that many existing MSMEs, predominantly operated by local entrepreneurs, are struggling due to the reduction in fiscal incentives and the stiff competition posed by new units established under the New Central Sector Scheme (NCSS).

During a meeting with the chief minister, Mahajan highlighted several long-standing concerns of the MSMEs and urged the government to provide fiscal incentives for the next 10 years. He also requested the reimbursement of SGST, CGST, and IGST based on the turnover of each unit and sought preferential treatment for local businesses in government procurement processes.

Mahajan stressed the urgency of resolving these issues to restore confidence among existing industrial units. He urged the chief minister to reinstate the industrial advisory committee and called for a review of the J&K State Industrial Policy to support the survival of existing MSMEs by extending fiscal benefits for the next decade.

Disclaimer: The information provided is based on publicly available sources and statements from industry representatives. The content is for informational purposes only and may not reflect the final decisions or policies of the government. For official details, please refer to government announcements.