For Jammu and Kashmir, out of ₹35,581 crore, ₹33,923 crore has been allocated to meet the revenue deficit and resource gap.
Traders and political parties in Jammu and Kashmir on Tuesday described the Union Territory’s budget announcement of Rs 35,581 crore for the Union Territory as “disappointing” and “far below expectations”.
Out of ₹35,581 crore for J&K, ₹33,923 crore has been allocated to meet the revenue deficit and resource gap. In addition, ₹279 crore as grant for disaster response fund, ₹273 crore for rehabilitation of pulses and Nagin lakes, ₹476.44 crore as grant for equity contribution for 624 MW Kiru power project and ₹35,000 for capital expenditure. 500 crore was allocated a grant.
“We were expecting big announcements for the revival of businesses. Unless the existing businesses in J&K are offered hand-holding, unemployment will continue to rise. We expected special schemes for local entrepreneurs,” said Sheikh Ashiq, president of Kashmir Chamber of Commerce and Industries (KCCI).
Federation Chamber of Industries Kashmir (FCIK) general secretary Ovis Qadir Jamie said there is nothing in the budget to boost demand in the MSME sector. “The industrial sector of Jammu and Kashmir needs a special package. There is no road map for J&K industrial area in the budget. The existing industry in J&K is getting sick,” said Mr Jamie.
Ejaz Ayub, a banker and columnist, said the competition details of the annual budget for Jammu and Kashmir are yet to be announced. “Given the rapidly rising unemployment, rising poverty, inflation and failing businesses in J&K, an understandable economic revival packaging was expected. Let us hope that when the UT Budget as a whole is announced there will be some good surprises for the deteriorating economy of J&K,” said Mr. Ayub.
ignore the industry
National Conference (NC) spokesperson Imran Nabi Dar said the budget failed to enthuse all stakeholders, as it was prepared without public participation and consultation with stakeholders in Jammu and Kashmir.
“The budget has failed to tackle the problems of unemployment and inflation. This will only increase inequality and make the largest segment of our population more vulnerable than ever, including unemployed youth, artisans, gardeners and transporters. This has disappointed Kashmir Inc, which was hoping for relief in the time of pandemic,” Mr Dar said.
He said the budget proved that the ruling regime in New Delhi was only using J&K as a voting unit to come back to power in post-poll elections.
People’s Conference vice-president Abdul Ghani Vakil accused the Center of “ignoring the fruit industry of Jammu and Kashmir”.
“The government was expected to announce a waiver on KCC loans for fruit growers, who are facing serious difficulties. The Center should come up with a comprehensive economic package and compensate the gardeners and farmers,” he said.
In Jammu, Mission Statehood led by Sunil Dimple protested and burnt copies of the budget.
“Most people are disappointed with the budget. The traders and transporters of Jammu and Kashmir got a big void in the budget.
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