Thu Oct 17 13:21:52 UTC 2024: ## Jammu Industries Expect Revival Under New J&K Government

**Jammu, October 17, 2024:** The Federation of Industries Jammu (FOIJ) has expressed its hopes for a revival of the struggling MSME sector in Jammu & Kashmir under the newly formed government led by Chief Minister Omar Abdullah.

In a meeting today, FOIJ members conveyed their congratulations to the new government, emphasizing the need for urgent action to support existing industrial units. They highlighted the critical need for fiscal incentives, including reimbursement of turnover incentives, SGST/CGST/IGST, and marketing support for the supply of finished goods to government departments.

The FOIJ specifically urged the government to address long-standing issues faced by existing MSMEs, which provide jobs to thousands of local residents. They cautioned that the dilution of fiscal incentives and competition from new units established under the NCSS 2021 scheme have severely impacted existing industries.

The FOIJ requested the revival of the Industrial Advisory Committee, which would allow for stakeholder participation in resolving pending issues. They also urged a review of the JK State Industrial Policy 2021 to align it with the NCSS 2021 scheme, and the extension of fiscal incentives for the next ten years to ensure the survival of existing MSMEs.

The FOIJ’s statement comes as the new J&K government faces the challenge of reviving the economy and addressing the concerns of various sectors. The industry body’s call for support for local entrepreneurs and startups is likely to be a key focus for the new administration.

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