Srinagar, Feb 1: Following the unveiling of the Interim Union Budget by the Finance Minister on Thursday, trade bodies in Jammu have expressed a varied response, with stakeholders now setting their sights on the forthcoming Jammu and Kashmir Budget.
In reaction to the Budget announced by the Central Government today, Arun Gupta, President Chamber of Commerce and Industry in a statement said that there is nothing new for the business community as no relief has been announced for them in the budget.
“We have been demanding the establishment of some public sector undertaking unit in Jammu but nothing has been announced in the budget.”
Gupta hoped that while announcing the budget for the UT of J&K the government “would announce the establishment of a big tourism destination in Jammu to increase the footfall of tourists in Jammu as the rail,road connectivity upto Kashmir Valley will harm the economic growth, especially of Jammu city.”
While talking on budget reaction, Rahul Sahai Chair PHDCCI Jammu said “I think the Budget is inclusive development-oriented growth-oriented and lays a development path towards the Viksit Bharat, This was the best that could be expected out of an interim budget but the move on fiscal consolidation the fiscal deficit to be 5.1% is a bold move which ensures that there will be strict inflation management.”
Sahai said Capex growth by over 11% to Rs 11,00,000 crore will again have a spin-off effect on construction activity, employment and rural demand going up because of incomes with the rural poor.
“We are happy to see the focus given to technology and innovation now, therefore, tech-savvy youth and we need our youth to be involved in research and development, the corpus of Rs1,00,000 crore with a 50-year interest-free loan for long-term financing refinancing that will kick off a whole new revolution as far as research and development is concerned which is much needed in our country.”
According to the statement, Sahai said on manufacturing while there was nothing specific when you look at those 3 corridors that have been announced those will have a great impact on reducing the logistics cost and therefore enhance the competitiveness of Indian manufacturing.