Kashmir’s beleaguered economy has nothing in the Budget: FCIK

Srinagar, March 19: Federation Chamber of Commerce and Industry (FCIK) has said that Jammu & Kashmir’s 2021-22 Budget ‘has nothing for Kashmir’s beleaguered economy.’

In a statement to Ziraat Times, FCIK Secretary General Ovees Qadir Jamie said that J&K’s industrial sector is anguished & unsatisfied towards the Budget.

“In the Budget, there seems to be no financial allocation towards the uplifting of the existing Industrial Sector, which the industry were expecting and the stimulus was much needed. The Industry was expecting financial support for the closure for the businesses by the Lockdown imposed by the government from August 2019. The Industry was expecting the stimulus from the Budget, which unfortunately disappoints the Industrial Sector. The J&K Industrial Sector requires Special Package & allocation of Funds for the existing Industrial Sector & for prospective Industry”, FCIK said.

“The recent Budget presented by the Finance Minister for the year 2021-22 has no road map for the J&K Industrial sector. The government on papers is keen to develop the Industrial sector and inviting the Investors from various states to set up the units in J&K. But the existing Industrial Sector is on the verge of closure due the turbulent conditions from last few years particularly after August 2019. The existing Industry is turning towards sickness and the prospective entrepreneur’s is keeping distance from setting up new unis. The government is ignoring the existing Industry and their investments, rather they are inviting the Investors from other part of country to invest in J&K”, FCIK said in the statement.

“An allocation of about Rs. 648 crore has been made for the year 2021-22 for the industries and commerce sector, but this includes the majority on the capital
expenditure side and the existing industry have nothing in this to boost the demand or to provide any stimulus”, FCIK further said.