Business bodies in both Jammu and Kashmir on Tuesday slammed the budget allocation for the region by the government of India.
Federation Chamber of Industries Kashmir 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.
Jammu Chamber of Commerce and Industry too expressed disappointment over “ignoring” of Covid-hit business community in the Union budget 2022-23.
JCCI president Arun Gupta said the business community is now looking forward to the Lt Governor Manoj Sinha-led administration to “bailout” traders and revive the sick industrial units which have either winded up or are on the verge of closure.
“The traders, hoteliers, transporters, and tourism stakeholders were worst hit by Covid-19 pandemic. We are mostly dependent on tourism including pilgrimage and have suffered huge losses over the past two years,” Gupta said.
He said they had been expecting some sort of relief from the budget but were left disappointed.
“We feel ignored by the government,” he said.
Gupta, however, welcomed the budget increase in defense, agriculture, and startups, and “good steps” like announcements of housing for the poor and focus on the development of infrastructure.
Gupta said the government should have announced a special package for the business community, transporters, and tourism sector, and increased tax slab for the salaried class as a relief from high inflation.
“There is some gaffe on part of the government which needs to be addressed. We hope the Lt Governor administration will provide to us some relief by announcing some relaxation,” he said.