Share your story and shine at JK Monitor!🌟 Welcome to JK Monitor, where every story matters and every achievement is celebrated! We invite you to share the remarkable journey of your life and showcase your accomplishments to the world. Join our exclusive interviews that honor exceptional individuals just like you. JAMMU: A deputation of Laghu Udyog Bharati, Jammu & Kashmir, led by its President Parveen Pargal along with Senior Vice President Dinesh Gupta, Vice President Ankit Gupta, General Secretary Aagam Jain and Finance Secretary & Treasurer Ishant Gupta, today called upon J&K BJP President Sat Sharma (CA) and submitted a detailed memorandum. Sat Sharma was also accompanied by J&K BJP General Secretary Gopal Mahajan and other senior leaders of BJP on the occasion.
The deputation emphasized that the New Central Sector Scheme (NCSS) has been a landmark initiative for transforming the investment climate of Jammu & Kashmir, particularly after the abrogation of Articles 370 and 35A. However, the registration deadline for availing the benefits of the scheme expired on 30th September 2024, leaving hundreds of genuine investors and entrepreneurs in uncertainty. If the incentives under the scheme are not extended and safeguarded, it could have serious consequences for industrial growth, employment creation and investor confidence in the Union Territory.
In the memorandum, Laghu Udyog Bharati pointed out that although the Union Government had announced an ambitious investment package of ₹28,400 crores to be disbursed over 16 years from 2021 to 2037, the allocation and time period have proven to be insufficient when compared with the wide-ranging developmental needs of the region. The deputation further underlined that despite three years of policy implementation, the expected results have not materialized due to delays in allotment of land, inadequate development of industrial estates and unequal distribution of incentives, with a few large industries cornering a major share of the benefits while smaller investors and MSMEs have been left behind.
The memorandum stated that more than a thousand applications, including those of many first-time investors, startups and MSMEs who made their initial investments between July and September 2024, are still pending despite significant expenditure of time and resources on processes such as land acquisition, pollution clearance, bank loan sanctions and feasibility studies. Their efforts would be wasted if they are not accommodated under the scheme.
Laghu Udyog Bharati urged that the total incentive allocation be enhanced to ₹1 lakh crore in order to ensure equitable distribution and to support a more comprehensive development strategy for Jammu & Kashmir. It also requested that the registration deadline be extended by two years, up to 30th September 2026, to allow sufficient time for genuine investors to establish their enterprises.
The memorandum highlighted that the abrogation of Article 370 and the decline of terrorism after three decades had created renewed hope among investors and restored confidence in Jammu & Kashmir as a viable investment destination. The NCSS package had been widely welcomed, and many entrepreneurs had already submitted applications and made investments on this basis. Denying them benefits at this stage would send a wrong message and stall the momentum of industrialization.
Sat Sharma heard the deputation patiently and assured them that all of their genuine concerns are of utmost importance. He appreciated the efforts of Laghu Udyog Bharati in highlighting the issues faced by the industrial fraternity and assured the members that the matter would be taken up with the Union Government at the appropriate level so that necessary action is initiated to safeguard the interests of entrepreneurs and to further strengthen the industrial growth of Jammu & Kashmir.
