Union Budget evokes mixed reaction among Jammu industrialists

Jammu, July 25: Union budget for the Financial Year of 2024-25 presented by the Union Minister for Finance Nirmala Sitharaman has evoked mixed response among the business community in Jammu.

Jammu Chamber of Commerce and Industry president Arun Gupta described the budget as a document addressing concerns of most of the crucial sectors and sections particularly farmers, youth, women and poor with focus on employment generation, skilling and industrial growth. “But hopes and aspirations related to J&K require much more to be done,” was his precise reply.

Office bearers of ASSOCHAM J&K have termed the union budget for the financial year 2024-25 as a good, balanced budget addressing long term issues.

“Major economy drivers viz., agriculture and MSMEs have been addressed (touched) very effectively. In agriculture provisions of Rs 1.50 lakh and for supply chain, it talks about clusters which will reduce our import dependency. It focusses on organic farming, adoption of new technology, and smart farming to increase imports,” they added.

“In case of MSMES, collateral free loans, now up to 200 CR collateral free loan will be available. New assessment techniques based on digital footprints. Mudra loan to support new entrepreneurs has been increased from Rs 10 lakh to Rs 20 lakh. e-commerce hubs in public-private partnership to increase exports of MSMEs,” they pointed out.

“In case of youth and employment, 25,000 students would be given a loan of Rs 7.50 lakh for skilling; 1 Cr interns to be given opportunity in top 500 companies for internship in next five years which will raise employability and skill of youth. Rs 3 lakh Cr provision for women in different sectors – these are positive features,” they added.

“Much focus on tourism promotion in the form of new tourist circuits and religious corridors will increase investment, foreign and domestic besides employment,” they added.

Y V Sharma, spokesperson BJP J&K UT and former president Jammu Chamber of Commerce and Industry hailed the Union Budget as development-oriented and futuristic, laying strong foundation for fulfilment of the Viksit Bharat Mission of PM Narendra Modi.

“It lays special stress on poor women, youth and farmers. Special allocation of Rs 1.48 lakh crore for Education, Employment and Skill Development are the special features of the budget,” he added.