Srinagar: Federation Chamber of Industries Kashmir (FCIK) on Tuesday expressed anguish over the Budget of 2022-23 presented by the Finance Minister of India for Jammu and Kashmir and termed it unsatisfactory.
FCIK sees the budget has nothing to boost demand in Micro Small and Medium Enterprises (MSMEs) Sector, the federation said in a statement.
In a statement, Federation Chamber of Industries Kashmir Secretary-General Ovees Qadir Jamie said though the ECGLS Scheme has been extended up to March 2023 with an additional 50000 Crores infusion, the infusion of capital without work in the MSME’s sector is not going to generate the results.
“The earlier rehabilitation scheme has not served the purpose as the paid-up interest and installment has been capitalized and rescheduled and the industry was expecting financial support for the closure for the businesses by the Lockdown imposed by the government from August 2019,” he said, adding that the industry was expecting the stimulus from the Budget, which unfortunately disappoints the industrial sector.
“The JK Industrial Sector requires Special Package, allocation of Funds and marketing support for the existing Industrial Sector,” he added further.
“The 68% of the defence budget will be kept for domestic companies purchases but the JK Industrial sector is still struggling to get the marketing from the Public sector due to the unprecedented government policies. In the Budget, there seems to be no financial allocation towards the Uplifting of the existing industrial sector, which the Industry was expecting and the stimulus was much needed,” the statement said.
FCIK sees the Budget presented by the Finance Minister for the year 2022-23 has no road map for the JK Industrial sector, he said.
He added that the government on papers is keen to develop the industrial sector and inviting investors from various states to set up the units in JK, but the existing industrial sector is on the verge of closure due to the turbulent conditions from the last few years particularly after August 2019.
“The existing industry is turning towards sickness and the prospective entrepreneurs are keeping distance from setting up new units,” the statement concludes.
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