Excellent for business community, says Kashmir Inc

Srinagar: Kashmir Inc praised the Union Budget 2023–2024 that was delivered by Union Finance Minister Nirmala Sitharaman, calling it "excellent for the business community".

President of Kashmir Chamber of Commerce and Industries (KCCI) Sheikh Ashiq said, “At the first glance, it appears favourable for the business sector, particularly MSMEs and artisans. The Income Tax slab has been increased which is also good, but we at KCCI will come up with a detailed viewpoint after having it analysed."

He said that they were now looking forward to the upcoming J&K Budget where they want the government to announce a slew of measures for existing business units, as the government already announced a package for new industrial units and startups.

Ashhiq said that the government should pay attention to the worries of existing unit holders.

President of CAIT-Kashmir Farhan Kitab said that the budget had a lot of positives for the business community, which was a good sign.

"Though we were hopeful that the government will address the issue of simplification of GST, overall the budget is good and has addressed several concerns of the business community," he said.

Talking about the PM Vishwakarma Kaushal Samman scheme, PHD Chamber of Commerce and Industry Kashmir Region Chair Vicky Shaw said with the announcement of this package, the artisans of Kashmir would get hugely benefited:

Welcoming the Union Budget 2023-24 with the allocation of Rs 35,581 crore for J&K presented by Finance Minister Nirmala Sitharaman, he hailed the initiatives taken for MSMEs and the artisan community.

Shaw said that Kashmir had earned appreciation from all across the world for its richness in culture, heritage and art.

“Since time immemorial, craftsmanship and artistry have been a source of livelihood in Kashmir and we believe the announcement of PM Vishwakarma Kaushal Samman scheme will enable the artisans of Kashmir to improve the quality, scale and reach of their products by integrating them with the MSME value chain,” he said.

Shaw said that they were pleased to see a substantial 33 percent hike in the CAPEX outlay at Rs 10 lakh crore, which is the highest ever amount of all budgets.

He also welcomed the multiple measures that would build the confidence of the industry.

"These include the announcement of, tax exemption upto Rs 7 lakh, promotion of tourism in mission mode under PPP and selection of 50 destinations through challenge mode that will be developed as a complete package, Agriculture Accelerator Fund, Digital Public Infrastructure for Agriculture, natural farming, target funding for animal, dairy, fisheries, and physical libraries at panchayat and ward levels, and setup of unity malls for promotion of ODOP," Shaw said.