Srinagar, February 02, 2022 (PPI-OT):The industrial body in Indian illegally occupied Jammu and Kashmir (IIOJK) has expressed disappointment with the Budget for the year 2022-23 presented by the Indian Finance Minister stating it has nothing to boost demand in the Micro, Small and Medium Enterprises Development (MSME’s) sector in the occupied territory.
Federation Chamber of Industries Kashmir (FCIK), President, Shahid Kamili, said they were also expecting a PM Development Initiative scheme for the Jammu and Kashmir as the North East is getting Rs 1500 crore for developmental projects in the budget 2022-23.
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 Rs 50,000 crore infusion, “the infusion of capital without work in 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 have been capitalized and rescheduled,” he said adding that 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 Industrial Sector in Jammu and Kashmir requires a Special Package, allocation of Funds and marketing support for the existing Industrial Sector.”
He said that FCIK sees the Budget presented by the Finance Minister for the year 2022-23 has no road map for the Industrial sector in IIOJK. The government on paper is keen to develop the Industrial sector and invite Investors from various states to set up units in IIOJK.
“But the existing Industrial sector is on the verge of closure due to the turbulent conditions from last few years particularly after August 2019. The existing Industry is turning towards sickness and prospective entrepreneurs is keeping their distance from setting up new units.”
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Kashmir Media Service
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