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AITF upset with Budget on lowering of allocation for traditional industries

Updated: Feb 02, 2023 07:55:19am

AITF upset with Budget on lowering of allocation for traditional industries

New Delhi, Feb 2 (KNN) All Industries & Trade Forum (AITF) has called out the government for focusing the budget to only please the masses with the increase in income tax limit from Rs 5 lakh to Rs 7 lakh and deduct funds from major funds which would help MSMEs.

Reacting to the budget, Badish Jindal, National President, AITF said, “The government decreased allocation of many schemes such as: Scheme for Fund for Regeneration of Traditional Industries from Rs 334 crore to Rs 280 crore.”


Fund for Prime Minister Employment Generation Programme (PMEGP) and Other Credit Support Schemes have also been decreased from Rs 17600 crore to Rs 17300 crore.

“The fund allocation of PMEGP in 2021-22 was Rs 2889 crore which reduced to Rs 2700 crore in the current year,” he added.

Jindal expressed it as a failure of the Union Finance Minister Nirmala Sitharam to present the growth prospective budget and called it a directionless budget.

“If we deduct the funds allocated to PMEGP and Guarantee Emergency Credit Line the total allocation to existing 7 crore MSMEs is merely Rs 4478 crore whereas the 14.5 crore farmers are given an allocation of Rs 125035 crore,” he said.

Jindal pointed out this discrimination with industries is unbearable and against the economic interests of the country.

Further the Entrepreneurship and Skill Development Infrastructure Development Program fund has been reduced from Rs 717 crore to Rs 685 crore.

The fund allocation to the very important scheme of Credit Linked Capital Subsidy scheme is merely 1.06 crore, he opined.  (KNN Bureau)


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