Trade-business sector in J&K feeling ignored
Gopal Sharma
JAMMU, Feb 1: The Union budget presented by Finance Minister, Nirmala Sitharaman in the Parliament today evoked mixed reaction, with majority of the members from the trade and business sector in J&K feeling ignored.
Terming the Budget-2022 as insignificant for the business community, president Chamber of Commerce and Industry (CCI) Jammu, Arun Gupta said that the Finance Minister has nothing to offer for the small traders and industrialists.
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In the statement issued to mediapersons here today, JCCI president said that overall, everything is touched in the budget but with a big disappointment for the traders and industrialists, who were confronting mounting pressure due to restrictions and continuous setbacks in the last over two years due to pandemic Corona and its related problems.
Gupta said the Government has announced certain benefits for the overall development of the country like e-passports, two years time for updating IT returns, increase in Defence budget, 80 lakhs houses under PM Awas Yojana, Master Plan for 25000 Km Expressway, 400 new generation Vande Bharat trains, Har Ghar Nal Se Jal etc. which are welcome steps, but what is missing in the budget is a big announcement for marginal traders who were worst hit by the pandemic and expecting relief from the Modi Government in the form of significant SOPs or some other big relief or incentives.
Kashmir Chamber of Commerce and Industry (KCCI) former president, Sheikh Ashiq said that nothing as expected for the trade and business class, has been found in this budget presented by the Union Finance Minister today. It has disappointed the business community across J&K.
The KCCI leader said after turmoil in Kashmir and then COVID-19, the business, trade, tourism etc was badly hit. They had met the Union Finance Minister, Home and Industry Ministers as well requesting some sort of relief in view of turmoil and business losses incurred and sustain the existing business. They had high hopes in this budget but they are feeling ignored and dejected, Sheikh Ashiq maintained.
Chamber of Traders Federation (CTF-Jammu) while reacting said that the budget presented by Union Finance Minister, is ‘comprehensive and progressive economic document’, but expressed disappointment that nothing concrete has been announced for the hotel, transport and tourism sector which suffered immensely during COVID-19 pandemic.
Federation president, Neeraj Anand said that the business sector suffered huge losses during the pandemic and hotel, transport and tourism sectors were the most affected.“These areas are still facing the brunt of the pandemic. In such a situation, there should have been a special announcement in the budget for these areas, which did not happen. This has disappointed the business sector. However, if we look at the long term development of the country, then the Government has taken all the necessary steps”, Anand said.
The Federation regretted that no concrete announcement has been made regarding simplification and rationalization of GST tax structure which is far away from “one market-one tax” principle and no announcement for traders to place them at par with corporate sector in terms of Income Tax, has highly disappointed the business community.
However, it is a visionary budget as it has taken Digital rupee and crypto currency on the priority of the Government, realizing their greater need among the younger generation.
Calling it a well calculated budget, Associated Chamber of Commerce and Industry of India (ASSOCHAM) today welcomed the first digital budget of the country.
Appreciating the Union Budget, A S Mittal, Chairman, ASSOCHAM Northern Council said, “The budget is focused on making India Aatmanirbhar and 5 trillion economy in coming years. Finance Minister has covered all the sectors of the economy. We can call it a people- friendly budget.”
Talking about the announcements of new National Highways, Manik Batra, Chairman, ASSOCHAM J&K Council said, “Logistics is an essential part of the economy in any country, enabling the movement of resources along supply chains to consumption centers. The announcement of new National Highways and Logistic Parks at four locations will make the supply chain more robust and also reduce the cost of transportation. It is a well calculated budget focused to Aatmanirbhar Bharat,” he added.
PHDCCI Jammu has termed the Union Budget as well managed budget with in the available resources. While reacting to the Budget Rahul Sahai, Chairman PHDCCI Jammu said that ECLGS extention upto March 2023 with an expanded cover of 5 lakh crore will give some relief to MSME’s, startups given chance to grow with govt to develop Dron shakti for agriculture activity is a boost to them and they should work hard in this area.
He said introduction of digital currency, giving bitcoin some direction and taxing at 30 % is a relief to people investing in bitcoins. Further, PM GATI SHAKTI Plan also sounds wonderful, MSME payments online mechanism is very good step but should be implemented in letter and spirit, he added.
PHD Chamber of Commerce & Industry (PHDCCI)-Kashmir while reacting to the Union budget stated the budget is growth oriented with long term sustainable focus on growth through investment in infrastructure and digitization.
Baldev Singh Raina, chairman PHDCCI Kashmir said the overall this seems to be a people-friendly Budget done keeping in mind the growth of nation. He said the Union Budget 2022-23 has created opportunities for youth to venture in IT Sector through various announced schemes of digitization, drones for crop assessment, Desh e-portal for up skilling of youth, digital currency, animation visual effects gaming and comic (AVGC) Taskforce, 5G Auctioning, R&D In defence that are welcome steps, but also there is not much in store for salaried middle class as such in particular as we were expecting recovery measures will be taken in Budget for consumer spending.
Federation of All India Vyapar Mandal J&K unit Sanjay Bansal has hailed the Union Budget presented today by the Union Finance Minister and claimed that the budget estimates the effective capital expenditure of the Central Government at Rs 10.68 lakh crore in 2022-23, making up about 4.1 per cent of the GDP. While welcoming Budget, Bansal said it will help in creation of infrastructure in industrial sector also.
Bari Brahmana Industries Association president Lalit Mahajan termed the Union Budget as Industrial friendly and beneficial for all sections of society of Union Territory of Jammu & Kashmir.
While going through the Budget, BBIA president said many initiatives taken by Finance Minister are welcome steps and they may help in creation of infrastructure in Industrial Sector.
BBIA president referred to the introduction of PM Gati Shakti National Master Plan which encompass the seven engines for economic transformation, seamless multimodal connectivity and logistics efficiency; extension in Emergency Credit Line Guarantee Scheme (ECLGS) up to March 2023; Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE) scheme which will be revamped with required infusion of funds and will facilitate additional credit of Rs 2 lakh crore for Micro and Small Enterprises and expand employment opportunities; contracts for implementation of Multimodal Logistics Parks at four locations through PPP mode will be awarded in 2022-23 expecting one in J&K, introducing Skilling programmes and partnership with the industry will be reoriented to promote continuous skilling avenues, sustainability and employability.
Federation Chamber of Industries Kashmir (FCIK) has expressed anguish over the Budget of 2022-23 presented by Finance Minister. FCIK sees the budget has nothing to boost demand in MSME’s Sector.
FCIK president, Shahid Kamili said that the unemployment rate of 21% in J&K has touched highest in the country while as in the Union Budget the government has targeted 60 lakh jobs through employment opportunities. He said we were also expecting PM Development Initiative Scheme for the J&K as the North East is getting Rs 1500 crores for development of Projects in the budget 2022-23. The revamping of CGTMSE scheme will facilitate additional credit of Rs 2 lakh crore for MSME’s but pumping of additional finance will not boost the demand in country and in J&K as it needs marketing support.
Secretary general Ovees Qadir Jamie said though the ECGLS Scheme has been extended up to March 2023 with additional Rs 50000 crores infusion, but the infusion of capital without work in MSME’s sector is not going to generate the results. The earlier rehabilitation scheme has not served the purpose as the paid up interest and installment has been capitalized & rescheduled and the Industry was expecting financial support for the closure for the businesses by the Lockdown imposed by the government from August 2019. The J&K Industrial Sector requires Special Package, allocation of Funds & marketing support for the existing Industrial Sector, he added.
The Polit Bureau of the Communist Party of India (M) has termed the Union Budget as disappointing. Under prevailing circumstances what was needed in the budget was a big push towards job creation and increasing domestic demand. The budget fails patently in addressing these issues. There was need to introduce an urban employment guarantee scheme. On the contrary, it has cut down expenditure by Rs 25000 crores in MGNREGS and reduced food, fuel and fertilizer subsidies and also in allocations in health and rural development.
The budget has proposed a growth in total expenditure by Rs 174909 crores from the revised estimates of 2021-22 but as percentage of GDP the total expenditure has come down from 17.8 per cent in 2020-21 to 15.3 per cent in 2022-23 budget estimates. The growth of revenue receipts has primarily grown as corporates were able to accumulate profits during the pandemic reflected through increased corporation tax realisation and also garnered through GST and hike in petroleum prices from indirect taxes levied upon common people. However, the growth of expenditure is far short from the growth of revenue receipts and in real terms is even less than what it was in last year’s revised estimates.
Meanwhile, National Conference in its reaction has said the budget 2022-23 is a blend of sophistry, wordplay and has left stakeholders in Jammu and Kashmir excluded and ignored.
Union budget, Party spokesperson Imran Nabi Dar said, has stared clear of Jammu and Kashmir and left the issues confronting working classes, traders, horticulturalists, artisans, small businesses, MSMEs untended.
Imran said the budget has failed to enthuse all stakeholders as it was prepared with no public participation and consultation with the stakeholders in Jammu and Kashmir. “The budget has failed to tackle the problems of unemployment, and inflation. This budget will only increase inequality and leave the largest section of our population including unemployed youth, Artisans, Agriculturalists, Horticulturalists, marginal traders, tourism players, and transporters vulnerable than ever.
Senior Congress leader and former minister Yogesh Sawhney criticised the Union Budget and shamed the BJP Government for blatantly ignoring the needs and necessities of the common people of the country in the Budget.
“ There is nothing in that budget for the middle class, for the working class, for the farmers, all of the people who collectively make up majority population of the country. The budget represents a capitalist government whose economic goals are confined to the upliftment and betterment of their rich corporate friends,” he commented.
Sawhney said the interests of the common man which include jobs, growth, infrastructure, education etc are ignored. People were expecting the government to understand their sufferings which they faced at the hands of inflation and unemployment and provide some relief from this budget. However, this budget was a huge blow to their expectations.
Peoples Conference (PC) senior vice president and former minister Abdul Gani Vakil lambasted the Central Government for again ignoring the fruit industry in the new budget. It is unfortunate Central Government is failing to understand fruit industry is the backbone of the economy of the Kashmir valley, but nothing has been said or done to promote and strengthen the industry.
He said government was expected to announce a waiver on the KCC loans of the fruit growers but unfortunately it has shown no concerns for the revival of this ailing Industry. Fruit growers in Kashmir were facing acute hardships as the administration had sidelined their demands, he added.
Senior BJP leader and former Deputy CM Kavinder Gupta applauded the Budget- 2022 presented by Finance Minister as a means to steer the country to new heights of progress and prosperity.
Talking to media persons, Gupta said that special care has been given on creating jobs to tackle the problem of unemployment and in this regard provisions have been made to create 60 lakh extra jobs besides 400 energy efficient Vande Bharat Trains which are proposed to be manufactured indigenously and launched this fiscal will also make way for hundreds of jobs. He said that budget 2022 will also have provision of 80 lakh new homes for the homeless besides colossal infra development which will change the course of the country including the 25K Km roads connecting India like never before.
Senior BJP leader and former minister Priya Sethi praised FM for coming up with a futuristic and far sighted budget which according to the experts will lead the country to new heights. She congratulated the PM and FM for bringing a pioneering budget document before the country.
J&K BJP spokesperson, RS Pathania while reacting to the Union Budget described iot as robust and inconclusive budget which takes care of women, children, start ups, middle class, agriculturists, technocrats, professionals, rather each and every strata of the society. Pathania said Budget reflects India’s march with recovery and resilience towards a vibrant economy with a growth rate pegged around 9.2 %.
Former JCCI president and BJP spokesperson, YV Sharma giving his immediate reaction on Union Budget termed it as highly balanced, development oriented, progressive and futuristic revealing a road map for the next 25 years. It has attended to every sector making special provision and allotment of funds for speedy development of the country.
Senior BJP leaders Vibodh Gupta (ex-MLC) and Raman Suri (Executive Member) have also welcomed the Union Budget and termed it as most balanced and development oriented.
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