Union Budget a clear push for growth and infrastructure, including in J&K: CII

Srinagar: The Confederation of Indian Industry (CII) Northern Region has welcomed the Union Budget 2025-26, highlighting its focus on innovation, entrepreneurship, infrastructure, and inclusive development. With enhanced support for MSMEs, skill development, and urban transformation, industry leaders believe the budget will accelerate industrial growth and job creation across the region, CII said in a statement to Ziraat Times.

Madhav Singhania, Chairman of CII Northern Region and Deputy MD & CEO of JK Cement Ltd, described the budget as a pragmatic and forward-looking financial plan that fosters a resilient and globally competitive economy. He emphasized the importance of agriculture diversification, noting that the Comprehensive Program for Vegetables, Fruits, and Sri Anna will help farmers shift to high-value crops, ensuring nutritional security and higher incomes.

The budget’s emphasis on private sector investment and MSMEs is expected to sustain industrial growth and drive employment. Key initiatives such as increased credit access, the National Manufacturing Mission, streamlined tax structures, and targeted incentives for manufacturing will encourage entrepreneurship and innovation, he said.

Sunjay Kapur, Deputy Chairman of CII Northern Region and Chairman of Sona Comstar, praised the budget’s strong push for sustainable urban growth and industrial modernization. The National Manufacturing Mission under Make in India is set to strengthen industries in solar PV, electrolysers, and grid-scale batteries, while the ₹10,000 crore Fund of Funds for startups will drive innovation and entrepreneurship.

Other major allocations include:

• ₹1 lakh crore Urban Challenge Fund to boost infrastructure and liveability in cities

• Expansion of the UDAN scheme, adding 120 new destinations to enhance regional connectivity, trade, and tourism

• Investment in future-ready skills through Atal Tinkering Labs, National Centres of Excellence, and IIT expansion

Kapur also noted that customs duty exemptions for EV components and critical minerals, along with a new Bilateral Investment Treaty framework, will boost India’s self-reliance and global competitiveness in manufacturing and clean technology.

Syed Junaid Altaf, Chairman of CII J&K and Group Executive Director of FIL Industries Pvt Ltd, highlighted how targeted support for manufacturing, exports, and agriculture will drive India’s economic momentum. He pointed to PPP model expansion in infrastructure to attract private investment, incentives for high-value manufacturing to strengthen global trade links. The BharatTradeNet digital trade platform, which will improve international market access and agriculture-focused initiatives, such as the Prime Minister Dhan-Dhaanya Krishi Yojana and expanded credit access, which will boost rural prosperity and self-reliance

M. A. Alim, Vice Chairman of CII J&K and Director of Packaging Design Industries, called the budget’s emphasis on technology and R&D a game-changer for India’s digital future. The ₹20,000 crore allocation for private sector-driven R&D and the establishment of AI Centres of Excellence will accelerate innovation and industrial productivity enhance India’s global standing in technology and research and create new job opportunities in emerging sectors.