Jammu, July 6 (KNN) The budget presented by Finance Minister Nirmala Sitharaman has failed to impress Jammu & Kashmir Micro Small and Medium Enterprises (MSMEs).

While speaking to KNN India, President of Bari Brahmana Industries Association (BBIA), Lallit Mahajan said that for Jammu & Kashmir industries no special package has been announced by the Finance Minister.

He said that the government has not fulfilled our long pending demand of setting up mother industry in the state.

However, he welcomed that under the Interest Subvention Scheme, Rs 350 crore has been allocated for FY 2019-20 for 2% interest subvention for all Goods and Service Tax (GST) registered MSMEs, on fresh or incremental loans.

The performance of industries in the state has declined drastically, he added.

Also he said that there was no mention of extension of Central package for industries which will end in 2020 and also there is no incentive for new industries in state package.

He stated, “the last there years data reflects that on an average 200 new industrial units were able to generate employment only 1200 per anum. Hence, this is not called industrialization.”

If only 1200 people will get employment in a year then how will the state grow, he added.

The biggest loop hole in the budget is that they have kept Private limited and limited firms into corporate tax of 25% bracket whereas they have not extended it to partnership and proprietorship firms, he said.