FOIJ proposes suggestions for Industrial Policy

Key Highlights

• Substantial expansion should always be deemed to include or separately listed if so required; enhancement in capacity and substantial expansion in conventional term; change of line/additional line of manufacturing/additional product and modernization, diversification or technical up-gradation.
• Federation pleaded to include unattended incentives in the proposed list up to the expiry of Industrial Policy 2021-30 viz; Turnover Incentives, working capital subversion, marketing suggested and development and promotion anciliarisation.
• They sought marketing support to the local Micro/Small units.
• They sought grant of IGST refund on value addition for Interstate sale for existing working units prior to 31.03.2021 whose reimbursement of IGST Package is valid up to March 2027.
• They further sought increase on Solar Power system subsidy by 50% and up to Rs 50 lakhs, exemption of stamp duty on court fee and suggested that all the renewals of lease deeds, change in constitution, mergers, supplementary lease deeds should also be extended, the exemption from Stamp Duty and Court fee.