The Union Budget 2019-20 presented by finance minister Nirmala Sitharaman has evoked mixed response from business community in Jammu and Kashmir which was hoping for some big-ticket announcements for the state. However, they are hopeful for few takeaways once the government reveals details of the sector-specific schemes and packages it announced on Friday.
To mention, it was expected that BJP-led centralgovernment’s focus on J&K would result in some special announcements forthe state. However, Nasir Hamid Khan, senior vice-president, Kashmir Chamber ofCommerce and Industry says the budget has “completely ignored” horticulture,tourism and handicrafts.
However, Khan says that 2 per cent interest subvention toMedium, Small and Micro Enterprises (MSME) on fresh and incremental loansannounced in the budget will support local industry.
“We were hoping for some relief for business community whichhas been suffering since 2014 floods. Nothing has come out of the budget forthe state but we hope once it comes out in detail, there is something to cheerabout,” Khan said.
Mushtaq Ahmad Chaya, chairman, PHD Chamber (Kashmir chapter)says huge fund allocations for infrastructure development is a good thing,adding that proposed upgradation of 1.25 lakh kilometers of roads shouldinclude roads in J&K as well.
Chaya said the focus on UDAN (ude desh ka aam nagrik)aviation scheme for making air travel affordable must include connectivitybetween the Valley and other areas especially Jammu.
“It is vital for tourism that airfares are made affordablefor visitors and locals travelling on this sector. It has been our long pendingdemand that UDAN scheme be extended to entire Jammu and Kashmir so that airtickets are available on subsidized prices,” Chaya said. Chaya said he was hopefulthat Jammu and Kashmir features among the 17 tourist circuits which the centralgovernment has decided to promote in days to come.
This time the budget is nothing but a “jugglery ofnumbers”, said Muhammad Yaseen Khan, president, Kashmir Traders and ManufacturersAssociation, while adding that pre-poll promises made by BJP-led governmenthave not been fulfilled.
“There is nothing for common man in the budget as it hasnothing out of the box. Rs 1 per litre cess on petrol will be a burden oncommon man. There is a lot in the budget to appease big corporates and NRIs butnothing for us,” Khan said.
Most industrialists say government’s urgency on railway lineto the Valley and metro rail project in the twin cities of Jammu and Srinagarwas welcome. However, they say lacklustre approach in executing such projectswas a major loophole in implementation of most of central projects in thestate.
Rakesh Gupta, president, Jammu Chamber of Commerce andIndustry says the union budget has a lot of focus on rural India, start-ups andproduction of defense equipment, electronic products, which he says will lead to self-sufficiency.However, Gupta says he was disappointed with no special packages or schemesannounced for local industry and business community. “Infusion of funds in infrastructure willhelp job creation. But on other hand there is no consideration for J&Ksindustry which is going through a tough phase,” Gupta said.