BBIA hails Union Budget 2022-23 and also demand adequate funds for Development of Industrial Infrastructure in J&K

01-02-2022 :  Smt. Nirmala Sitharaman, Hon’ble Union Minister of Finance presented Union Budget 2022-23 in Parliament today which we termed as an Industrial friendly and beneficial for all sections of Society of Union Territory of Jammu & Kashmir positive step under the  Atma Nirbhar Bharat Concept and have entered into Amrit Kaal, the 25-year-long lead up to India@100 years of Independence.

 It is pertinent to mention here that while going through the Budget, Sh. Lalit Mahajan, President, BBIA welcome the following points which will help in the Creation of Infrastructure in the Industrial Sector & Industrial Sector also: –

 Introduction of PM Gati Shakti National Master Plan which encompasses the seven Engines for Economic transformation, seamless multimodal connectivity, and logistics efficiency.

1. 1. Extension in Emergency Credit Line Guarantee Scheme (ECLGS) up to March 2023.
   2. Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE) scheme will be revamped with the required infusion of funds which will facilitate additional credit of 2 lakh crore for Micro and Small Enterprises and expand employment opportunities.
   3. Contracts for implementation of Multimodal Logistics Parks at four locations through PPP mode will be awarded in 2022-23 for which we request the Hon’ble Union Finance Minister to allot one Multimodal Logistics Parks to J&K keeping in mind the repaid Industrial Growth in our State on the basis of Package of Incentives announced by Govt. Of India which will provide great relief to the Industrial Sector of J&K.
   4. Introducing Skilling programmes and partnerships with the industry will be reoriented to promote continuous skilling avenues, sustainability, and employability. The National Skill Qualification Framework (NSQF) will be aligned with dynamic industry needs.
   5. With the implementation of Ease of Doing Business 2.0 ‘minimum government & maximum governance’.
   6. Solar Power to facilitate domestic manufacturing for the ambitious goal of 280 GW of installed solar capacity by 2030, an additional allocation of ` 19,500 crores for Production Linked Incentive for the manufacture of high-efficiency modules, with priority to fully integrated manufacturing units from polysilicon to solar PV modules, will be made.
   7. Enhancement in Financial Assistance to States for Capital Investment from `10,000 crores in the Budget Estimates to `15,000 crore which will help to create the Industrial Infrastructure to accumulate Prospective Big Industrial Houses from outside the State.
   8. Customs duty exemption given to steel scrap is being extended for another year to provide relief to MSME secondary steel producers.

 Further, the Budget allocation for Infrastructure Development is also a key factor for the development of the Industrial Sector.

We request Hon’ble Prime Minister Sh. Narendra Modi and Hon’ble Union Finance Minister Smt. Nirmala Sitharaman to provide adequate funds for the Development of Industrial Infrastructure which includes the completion of Industrial Estates in time bound manner in  Union Territory  of Jammu & Kashmir on a priority basis enabling the prospective Entrepreneurs to start the production in a time-bound manner on the basis of 28,400 Crores Industrial Package approved by Govt. of India for the Industrial Sector of Jammu & Kashmir