Federation Chamber of Industries Kashmir (FCIK) has expressed disappointment over the Budget proposals.
In a statement, Executive Council Member Ovees Qadir Jamie and other members expressed anguish over the recent budget presented by the Finance Minister for year 2020-21.
FCIK said budget presents no roadmap for the Industrial sector of the J&K.
“The government on papers is keen to develop the Industrial sector and inviting the investors from various states to set up the units in J&K. But the existing industrial sector is on the verge of closure due the turbulent conditions from last few years particularly after August 2019.”
It said the existing industry is turning towards sickness and the prospective entrepreneur’s is keeping distance from setting up new units.
The government is ignoring the existing Industry and their investment rather they are inviting the Investors from other part of country to invest in J&K.
In the Budget, there seems to be no financial allocation to uplift existing industrial sector.
“The recent rehabilitation scheme of the Bank has not served the purpose as the paid up interest and instalment has not been capitalized and rescheduled. Large borrowers have been kept out of the Rehabilitation Scheme. The State government has committed the Interest Subvention till 31-12-2019 for the previously rehabilitated accounts, but the State government has stopped providing the Interest Subvention to the accounts from 1st April 2019.”