BBIA Hails Industrial Friendly Budget for J&K UT presented by Hon’ble Union Finance Minister in Parliament.
15-03-2022 : A Meeting of Bari Brahmana Industries Association (BBIA) was held today under the President ship of Sh. Lalit Mahajan in presence of Sh. Tarun Singla Sr. Vice President, Sh. Ajay Langer Vice President, Sh. Viraaj Malhotra General Secretary, Sh. Rajesh Jain Secretary and Sh. Vivek Singhal Treasurer BBIA, and other Member to discuss the JKUT Budget 2022-23 presented by Smt. Nirmala Sitharaman, Hon’ble Union Minister of Finance presented Union Territory of Jammu & Kashmir Budget 2022-23 in Parliament yesterday with the allocation of 1.12 Lac Crores Budget for Union Territory of Jammu & Kashmir with the allocation of Rs. 1002 Crores for Industry & Commerce Department, an increase of 354 Crores from the last year Budget and Rs. 150 Crores for the Development of New Industrial Estates keeping in mind the massive Investment in near future on the basis of Industrial Package of Incentives 2021 approved by Govt. of India and J&K UT Industrial Policy 2021.
Sh. Lalit Mahajan, Co-Chairman Federation of Industries Jammu & President, Bari Brahmana Industries Association convey Heartiest thanks to Smt. Nirmala Sitharaman, Hon’ble Union Finance Minster, Sh. Manoj Sinha, Lt. Governor, Sh. Arun Kumar Mehta (IAS), Chief Secretary, Sh. Atal Dulloo, (IAS) Financial Commissioner, Finance Department and Sh. Ranjan Prakash Thakur (IRTS) Principal Secretary Industries & Commerce Department J&K Govt. for a whopping 55% increase in the Budget Provisions for Industry & Commerce Department of Union Territory of J&K.
It is pertinent to mention here that in the Budget Provisions of 2022-23, Rs. 1002 Crores 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 as well as Units under Substantial Expansion also suffering very badly in post GST Regime due to dilution of Fiscal Incentives, Removal of Toll Tax w.e.f.01-01-2020 and post COVID-19 situation.
We also wish to draw the kind attention of Sh. Manoj Sinha, Hon’ble Lt. Governor and Sh. Ranjan Prakash Thakur, Principal Secretary Industries & Commerce Department towards the allocation of Rs. 150 Crores for the Development of New Industrial Estates and allocation of Funds for the Power Infra Structure in the Budget and request 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.
