Rahul Sahai, Chair PHDCCI Jammu Exalt Union Budget

JAMMU February 1: Rahul Sahai, Chair PHD Chamber of Commerce and Industry Jammu Chapter has welcomed the Union Budget 2023-24 presented by Finance Minister Smt Nirmala Sitharaman.

Sahai said Allocation of Rs 35581 crore for J&K presented by Finance Minister Smt Nirmala Sitharaman during her budget speech is very appreciable.

Sahai firstly applauded J&K Govt good going in achieving of Capex targets and said that we are pleased to see the substantial 33% hike in the capex outlay at 10 lakh crore which is the highest ever, amount of all budgets

Rahul Sahai said that The Credit Guarantee Scheme for MSME and tax exemption for the hardworking middle class recognized the need to support in difficult times.

In a major relief to MSMEs, as mentioned in case of MSMEs failing to execute contracts during the COVID period, 95% of the forfeited amount relating to the bid or performance security would be returned to them by government and government undertakings will definitely boost the morale of the MSME Sector he added.

He also welcomed the multiple measures that will build the confidence of industry. These include the announcement of tax exemption upto Rs 7 lakhs in new Tax regime , promotion of tourism in mission mode under PPP and selection of 50 destinations through challenge mode that will be developed as complete package, Agriculture Accelerator Fund, Digital Public Infrastructure for Agriculture, natural farming, target funding for animal husbandry, dairy, fisheries, physical libraries at Panchayat and ward levels, setup of Unity Malls for promotion of ODOP.

Rahul Sahai said that this allocation of Rs 35581 crore for J&K should be utilized for the better growth and development of UT of J & K

Overall the budget was prudent while building on the capacities and capabilities of the nation said Rahul Sahai

How Sahai also highlighted some expectations of Industrialists and Entrepreneurs which were not fulfilled which are some provisions on the existing Industry of J&K. We would have loved to have some provisions on existing Industry in the Budget Sahai expressed that we are hopeful these concerns would be addressed in J&K UT Budget .

(NOTE: PRESS RELEASE PUBLISHED AS RECEIVED)