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‘Budget ignores J&K, fails to address unemployment’

Kashmir industries body rues little attention to MSMEs

Srinagar, Feb 1 (UNI): Jammu and Kashmir National Conference on Tuesday said the Budget 2022-23 is a blend of sophistry, wordplay as it has left stakeholders in Jammu and Kashmir excluded and ignored.

“The Union budget 2022-23 steered clear of Jammu and Kashmir and left the issues confronting working classes, traders, horticulturalists, artisans, small businesses, MSMEs unattended,” party spokesperson Imran Nabi Dar said.

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He said the budget has failed to enthuse all stakeholders as it was prepared with no public participation and consultation with the stakeholders in Jammu and Kashmir.

“The budget has failed to tackle the problems of unemployment, and inflation. This budget will only increase inequality and leave the largest section of our population including unemployed youth, artisans, agriculturalists, horticulturalists, marginal traders, tourism players and transporters vulnerable than ever.

“The budget is also oblivious to the pressing need of stepping up spending on infrastructure, health services and social programmes, public welfare, utility services, education to try to set the economy on a firmer footing in Jammu and Kashmir,” he said.

The Federation Chamber of Industries Kashmir (FCIK) has expressed anguish over the Budget. FCIK alleged that the budget has nothing to boost demand in micro, small and medium enterprises sector.

In a statement, FCIK secretary general Ovees Qadir Jamie said though the Emergency Credit Line Guarantee Scheme has been extended up to March 2023 with additional Rs 50,000 crore infusion, the infusion of capital without work in MSME sector is not going to generate the results.

Jamie said the earlier rehabilitation scheme has not served the purpose as the paid-up interest and instalment has been capitalised and rescheduled.

The industry was expecting financial support for the period of closure of businesses establishments during the lockdown period 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 and marketing support for the existing Industrial Sector,” the statement read.

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