MSMEs in J&K hail budget 2021-22 for enhanced allocation to industry

Jammu, Mar 18 (KNN) Micro, Small and Medium Enterprises (MSME) in the Union Territory of Jammu & Kashmir (J&K) have hailed the Budget  2021-22.

Lalit Mahajan, Chairman Federation of Industries Jammu (FOIJ) conveyed his heartiest thanks to Union Finance Minister Nirmala Sitharaman, Lt. Governor Manoj Sinha, Arun Kumar Mehta (IAS) Financial Commissioner, Finance Department and Ranjan Prakash Thakur (IRTS) Principal Secretary Industries & Commerce Department J&K government for a whopping 45 per cent increase in the budget provisions for Industry & Commerce Department of J&K.

''It is pertinent to mention here that in the budget provisions of 2021-22, Rs 1.08 lakh crore and Rs 648 crore has been allocated for the Industry & commerce Department and we are hopeful that under the said provisions, adequate allocation has been done on the basis of our representations given from time to time for providing relief to existing industries,'' FOIJ said in a statement.

The Finance Minister on Wednesday, allocated 1.08 lakh crore budget of which Rs 648 crore for Industry & Commerce Department with an increase of 291 crore from the last year Budget and Rs 400 crore for the reimbursement of GST by State Tax Department which we termed as step to provide relief to existing MSME sector of our state as well as to provide the infrastructure for the development of new industrial estates keeping in mind the massive investment in near future on the basis of 28400 crore Industrial Package of Incentives 2021 approved by the government for J&K UT.

The industry body also requested Sinha for the grant of state fiscal incentive package as early as possible which will provide relief to the existing units and units under substantial expansion.