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2022-23 budget fails to cater to needs of J&K’s industry and commerce: Masoodi in LS

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Srinagar: National Conference Member Parliament Hasnain Masoodi on Thursday flagged the plight of Jammu and Kashmir trade and industry in the Lok Sabha, saying the Budgetary allocations of 2022-2023 have failed to cater to the needs of the J&K industry and commerce. 

He said this while making an intervention on the demands for grants from the Ministry of Trade and Commerce, a party press release informed. 

Speaking in the Lok Sabha, Masoodi said the budgetary allocations for the ministry for the year 2022-23 are less than what it was in 2021-22, saying the decrease in the allocations will adversely affect the growth of the industry, commerce and trade sectors. 

He noted that some key sectors have been given a raw deal in the Budget 2022-23. Food processing, he said is a ready example. 

He contended that FDI flow has only remained restricted to signing of MOUs and that nothing substantial is visible on the ground. 

The budgetary allocations, Masoodi said is blind to the plight of Jammu and Kashmir trade, commerce and industry, which he stated have suffered major reverses since 2014 deluge and successive 2019 clampdown and Covid induced lockdowns. 

The budget, he rued has steered clear of problems faced by them. “There is no package for our ailing industries, trade and commerce sectors. They have been left high and dry,” he said.

Masoodi also said that J&K has not got any industrial corridor and the newly announced industrial estates are yet to translate into reality. He also sought renewal of lease to hoteliers in J&K, saying that inordinate delay in the renewal is impacting the trade. 

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