Jammu, Mar 15 (KNN) Union Finance Minister Nirmala Sitharaman on Tuesday tabled Rs 1.18 lakh crore worth budget for the Union Territory of Jammu & Kashmir.

Bari Brahmana Industries Association (BBIA) has called it an industry friendly budget which has allocations of Rs 400 crore for the Development of New Industrial Estates, Rs 500 crore provision for GST Re-Imbursement and Turnover Incentives for existing industrial units.

A meeting headed by Lalit Mahajan, President, BBIA was held on Tuesday to discuss the budget. 

Mahajan thanked Finance Minister Nirmala Sitharaman for increase in the Budget Provisions for Industry & Commerce Department of Union Territory of J&K.

“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 units,” he said.

He further requested the government to provide the GST Reimbursement to those units also who are not entitled for the Gross GST Benefits under the Central Package of Incentives 2021 Scheme.

Mahajan urged for the completion of Infrastructural Work in the new Industrial Estates with the availability of Road Connectivity, Power Infrastructure and other related work in time bound manner so that the prospective Investors may start the production in time bound manner which open the doors for the employment opportunities to the local youths.  (KNN Bureau)