Finance Minister holds deliberations with stakeholders on New Excise Policy

JAMMU, JUNE 8: Making strong pitch for rationalization and efficient procedural changes to enhance revenue generation capacity of the industrial sector, Minister for Finance, Dr Haseeb A Drabu today said requisite policy interventions would be made to ensure conducive environment for industrial growth.

The Minister was speaking at an interactive session with the stakeholders to discuss the issues related to the proposed Excise Policy.

Commissioner Secretary Finance, Mr Navin Kumar Choudhary, Excise Commissioner, Tsering Angchok and other senior officers of Excise Department were present in the meeting.

 

Dr Drabu said while envisaging the new policy, the government contemplates to incorporate the ideas of the stakeholders so that requisite systematic changes are introduced for giving fillip to the economy of the state.

He said necessary mechanism will be put in place to make the system more transparent and hassle-free adding that while government will play its role as a regulator to enforce proper check on the quality and quantity of the product that reaches the market, every effort will be made to minimize the touch-points between the department and the industry to make the process less cumbersome. “With minimum interventions a better industry friendly interface would be developed that would boost the local industry,” the Minister maintained.

The Minister said that government’s priority is to ensure quality of spending and making effective changes for improving the revenue generating capacity of the sector keeping in mind the long term perspective goals for achieving tangible results and improving the economy

Dr Drabu emphasized that the policies should aim at providing  better opportunities to the investors by simplifying the business system and invigorate the industrial sector.

He stressed on maximizing investment in local industries and asked for rationalization and re-examination to check economic viability of the projects in any sector and take adequate steps for moving towards consolidation process to ensure better revenue generation.

Representatives of various associations apprised the Minister of their demands and problems to which Dr Drabu gave a patient hearing and said that these deliberations are being held to formulate broad indicative guidelines as how the new Excise Policy will look like. He sought cooperation from the members of the fraternity to strengthen the initiatives for socio economic development and to make the system more accountable and transparent.

Finance Minster also exhorted upon the associations to fulfill their corporate social responsibility and asked them to contribute for setting up de-addiction centers. He said that this initiative would not only strengthen the social cause but also help change social perception about the liquor sector. He also stressed upon the industry to be prepared to face the global changes and meet the changing market demands and preferences.

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