CII J&K hails 'transformative' union budget 2025-26
Srinagar, Feb 2: The Confederation of Indian Industry (CII) Northern Region has welcomed the Union Budget 2025-26 as a strategic blueprint for India's economic transformation, emphasising its focus on innovation, infrastructure development, and inclusive growth.
Speaking at a press conference in Srinagar, CII Northern Region Chairman Madhav Singhania praised the budget's comprehensive approach to agricultural diversification and MSME development. "The budget's emphasis on high-value crops through programs for vegetables, fruits, and Sri anna will strengthen nutritional security while boosting farmer incomes," said Singhania, who also serves as Deputy MD and CEO of JK Cement Ltd.
Sunjay Kapur, Deputy Chairman of CII Northern Region and Chairman of Sona Comstar, highlighted the budget's commitment to sustainable urban development. He specifically pointed to the Rs 10,000 crore Fund of Funds for startups and the Rs 1 lakh crore Urban Challenge Fund as key initiatives. The expansion of the UDAN scheme to include 120 new destinations was also noted as a significant step toward enhancing regional connectivity.
The manufacturing sector received particular attention in the budget through the National Manufacturing Mission under Make in India. The initiative aims to strengthen industries in solar PV, electrolysers, and grid-scale batteries. "The exemptions on basic customs duty for EV components and critical minerals demonstrate India's commitment to self-reliance and global competitiveness," Kapur added.
CII J&K Chairman Syed Junaid Altaf emphasised the budget's potential impact on trade and agriculture. The introduction of the 'BharatTradeNet' digital trade platform and the Prime Minister Dhan-Dhaanya Krishi Yojana were highlighted as significant steps toward boosting productivity and rural prosperity.
Dr MA Alim, Vice Chairman of CII J&K, focused on the budget's technological initiatives, particularly the Rs 20,000 crore allocation for private sector-driven R&D and the establishment of AI Centres of Excellence. "These measures will position India as a hub for cutting-edge research and emerging technologies," he stated.
Industry leaders unanimously agreed that the budget sets a strong foundation for India's vision of "Viksit Bharat" through its balanced approach to economic growth, sustainability, and inclusive development. The CII Northern Region expressed its commitment to working closely with the government to ensure effective implementation of these initiatives.