I&C Department refutes news reports on disbursal of turnover incentive claims

Apr 19, 2024

JAMMU: The Industries and Commerce Department today refuted certain reports in a section of newspapers wherein apprehensions with respect to disbursal of turnover incentive claims were made.

A communique received here by the department in this regard stated that Jammu and Kashmir Industrial Policy 2021-30 was aimed to attract substantial investment in industry for production for goods, services and employment generation through optimal utilization of available resources.

For giving the liquidity boost to the existing unit holders the Government of the J&K announced the Turnover Incentive Scheme-2021 for all the eligible existing units within the applicable time period of the policy with the overall capping of Rs. 50.00 crore per annum subject to the availability of the funds on proportionate basis of the turnover disclosed. 

The Divisional Level Committee’s approved cases in respect of both Jammu and Kashmir division as per provisions of the Turnover Incentive Scheme 2021 for the year 2021-22. The available funds to the tune of 26.40 cr were distributed proportionately on the pro rata basis among the existing eligible unit holders.

The department clarified that due to some extraneous reasons the funds could not be released from the treasuries during the fag end of the financial year.

However the Government of UT of J&K assures the unit promoters that the available funds would be released  as the turnover incentive for the year 2021-22 shortly and action in this respect has already been initiated by the I&C and the Finance Department.

Moreover, as per the policy Government of J&K would be releasing the promised funds for the year 2022-23 also.