Budget Disappoints Industrial Sector: FCIK

SRINAGAR: Federation Chamber of Industries Kashmir (FCIK) is anguish and unsatisfactory towards the Budget of 2022-23 presented by the Finance Minister. FCIK sees the budget has nothing to boost demand in MSME’s Sector.

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 J&K Industrial Sector requires Special Package, allocation of Funds & 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 J&K 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,” Federation Chamber of Industries Kashmir Secretary-General Ovees Qadir Jamie said in a statement.

FCIK sees the Budget presented by the Finance Minister for the year 2022-23 has no road map for the J&K 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 J&K, 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 is keeping distance from setting up new unis,” said Federation Chamber of Industries Kashmir Secretary-General Ovees Qadir Jamie in a statement.

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