LEAD delegation meets Piyush Goyal, advocates for investment package expansion

AUGUST 22 :A delegation from LEAD – LJK Economic Growth & Development Dialogue met the Hon’ble Minister of Commerce & Industry, Piyush Goyal, to discuss the evolving industrial investment landscape in J&K. The meeting focused on the success of the New Central Sector Scheme (NCSS), which has significantly transformed the region’s industrial investment scenario. Backed by the Ministry of Commerce & Industry, the NCSS has seen an overwhelming response, with numerous investment proposals already materializing on the ground.

LEAD acknowledged the significant role the scheme has played in attracting investors and accelerating development in the region and also highlighted the need for the expansion of both financial outlay and timelines for the NCSS. These extensions are crucial for those who are still stuck in the land acquisition process or awaiting necessary clearances, ensuring they too can benefit from the scheme’s incentives. Concerns were also raised regarding potential amendments to the GST-linked incentive component. LEAD strongly advocated for retaining the current structure, which provides gross GST incentives rather than shifting to GST incentive on value addition component only. They highlighted that such a change would undermine investor confidence in the region.

The delegation further called for a more efficient and transparent evaluation process to expedite approvals. They also stressed the importance of prioritizing small and medium-sized investment proposals, ensuring that the scheme’s resources are not disproportionately allocated to large-scale projects. The LEAD delegation included key members such as LEAD Directors Sh. Sunil Shah and Sh. Manish Ahluwalia, along with Sh. Harinder Gupta, LEAD’s Manufacturing Sector Incharge, and Sh. Praveen Pargal, State Secretary of Laghu Udyog Bharti.Hon’ble Minister Piyush Goyal commended LEAD’s proactive efforts in promoting the scheme, noting the organization’s key role in inspiring investors across the country to explore opportunities in J&K.