Jammu MSMEs hail Budget announcements; says it will help create infra in industrial sector

Jammu, Feb 1 (KNN) Welcoming the announcements made in the Union Budget 2022-23, Bari Brahmana Industries Association (BBIA) said this budget will be beneficial for all sections of the society of Union Territory of Jammu & Kashmir and a positive step under the Atma Nirbhar Bharat concept.

Lalit Mahajan, President, BBIA said the announcements made in the Budget will help in creation of infrastructure in industrial sector.

In particular, BBIA hailed the following points and said these will help in creation of infrastructure in the industrial sector:

  -- Introduction of PM Gati Shakti National Master Plan which encompasses the seven Engines for Economic transformation, seamless multimodal connectivity and logistics efficiency.

  -- Extension in Emergency Credit Line Guarantee Scheme (ECLGS) up to March 2023.

  -- Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE) scheme will be revamped with required infusion of funds which will facilitate additional credit of 2 lakh crore for Micro and Small Enterprises and expand employment opportunities.

  -- Contracts for implementation of Multimodal Logistics Parks at four locations through PPP mode will be awarded in 2022-23 for which we request the Hon’ble Union Finance Minister to allot one Multimodal Logistics Parks to J&K keeping in mind the repaid Industrial Growth in our State on the basis of Package of Incentives announced by Govt. Of India which will provide great relief to the Industrial Sector of J&K.

BBIA further said that introducing skilling programmes and partnership with the industry will be reoriented to promote continuous skilling avenues, sustainability, and employability.

The National Skill Qualification Framework (NSQF) will be aligned with dynamic industry needs.

BBIA hailed implementation of Ease of Doing Business 2.0 ‘minimum government & maximum governance’.

The Jammu association also said that Solar Power will facilitate domestic manufacturing for the ambitious goal of 280 GW of installed solar capacity by 2030, an additional allocation of ` 19,500 crore for Production Linked Incentive for manufacture of high efficiency modules, with priority to fully integrated manufacturing units from poly silicon to solar PV modules, will be made.

“Enhancement in Financial Assistance to States for Capital Investment from `10,000 crore in the Budget Estimates to `15,000 crore which will help to create the Industrial Infrastructure to accumulate Prospective Big Industrial Houses from outside the State,” Mahajan pointed.

Customs duty exemption given to steel scrap being extended for another year will provide relief to MSME secondary steel producers, BBIA said adding that the Budget allocation for Infrastructure Development is also a key factor for the development of the Industrial Sector. 

The association requested the government to provide the adequate funds for the Development of Industrial Infrastructure which includes the completion of Industrial Estates in time bound manner in Union Territory of Jammu & Kashmir on priority basis enabling the prospective Entrepreneurs to start the production in time bound manner on the basis of 28,400 Crores Industrial Package approved by Govt. of India for the Industrial Sector of Jammu & Kashmir. (KNN Bureau)