Jammu/Srinagar: Several industry bodies, including Jammu Chamber of Commerce and Industry (JCCI), and Federation of Chambers of Industries Kashmir (FCIK) on Saturday hailed the Union budget as “well balanced” focusing on all major sectors and expressed hope that the government will announce development of a big tourism destination in the region.
JCCI President Arun Gupta, however, said the government should have made certain provisions for setting up some public sector undertakings to boost industrial development for employment generation.
“The budget is well-balanced with focus on all major sectors like defence, health, agriculture, development, exports, women, youth, lower middle class people and Make in India mission,” he said.
Gupta said they are hopeful that the government will develop a big tourism destination in Jammu to increase the footfall of tourists.
The Federation of Chambers of Industries Kashmir (FCIK) also welcomed the “crucial infrastructure and institutional support for the manufacturing sector”, recognizing its potential to drive employment and strengthen the supply chain ecosystem.
Valley’s leading industrial body emphasized the significance of the initiatives proposed by the Union government, including accomplishing the vision under the “National Manufacturing Mission” to support manufacturing industries of all sizes.
“We are pleased that the Finance Minister has recognized MSMEs as the second engine for economic growth and a cornerstone of the Indian economy, with specific provisions aimed at enhancing their scalability, technological up-gradation, and access to capital,” FCIK said in a statement.
It said the recognition of MSMEs, given their 30 percent contribution to India’s GDP, nearly 45 percent of the country’s exports, and employment of around 80 million people nationwide, is highly encouraging. For the first time in years, these enterprises have received a significant boost, with a series of measures aimed at supporting their growth and long-term sustainability.
“The enhanced credit guarantee cover for MSMEs, now increased to Rs 10 crore, along with various credit schemes for the MSME sector and startups, including a dedicated Rs 10,000 crore ‘Fund of Funds’, will be crucial for advancing financial inclusion,” said FCIK.
Additionally, DPI-enabled export financing and term loans of up to Rs 20 crore for well-managed export-oriented MSMEs will empower businesses to expand into international markets, benefiting export houses in J&K as well.
“Furthermore, the introduction of a new scheme aimed at empowering 5 lakh women, SC/ST first-time entrepreneurs with loans up to Rs 2 crore is a transformative step towards promoting inclusive entrepreneurship,” the FCIK noted.
While expressing satisfaction with initiatives promoting financial inclusion, FCIK emphasized that the true impact will depend on the speed and efficiency with which businesses can access these funds.
While praising the Union government’s other initiatives in agriculture, IT, and skilling and reforms, FCIK also expressed concerns that the focus on Jammu and Kashmir (J&K) in the Union Budget remains inadequate compared to the region’s pressing needs.
While the overall vision of the Union Budget is commendable, FCIK regrets that once again, the unique and severe challenges faced by MSMEs in Jammu and Kashmir have been overlooked. These businesses continue to struggle for survival due to the long-lasting impacts of disruptions beyond their control. Despite positive provisions for MSMEs nationwide, the specific needs of J&K’s industries remain unaddressed, leaving many enterprises without the critical support they need to recover, grow, and compete effectively, it said.
FCIK urged the J&K government to integrate both the new and existing central schemes with local policies to foster growth, revive, and scale up the region’s MSMEs. A clear and actionable plan is essential to ensure that J&K’s MSMEs can fully capitalize on the Union Budget’s provisions, including improved financial access, enhanced infrastructure, and a dynamic ecosystem for innovation and entrepreneurship.
Chairman, Federation of Industries, Jammu, Lalit Mahajan described the budget as industrial-friendly, and said various proposals in the budget for the development of MSME and other related sectors are praise-worthy.
However, he expressed disappointment over non-extension of the central package of incentive for the existing as well as new units in J&K.
Chairman of Jammu-chapter of Indian Chamber of Commerce Rahul Sahai said the Budget is a well-balanced financial plan that aligns fiscal discipline with economic growth, ensuring sustainable development while boosting key sectors.
The budget emphasises skilling, education, training, agriculture, research, and small industry exports, backed by real schemes and financial support, he said.
While Jammu and Kashmir was not specifically addressed in detail, he said future announcements regarding the NCSS package and related schemes are anticipated.
“Overall, the budget is progressive and growth-oriented, providing a strong roadmap for India’s sustainable economic development,” he said.
President Traders Federation Ware House-Nehru Market Jammu Deepak Gupta said the budget reflects a strong commitment to fostering economic growth, empowering businesses, and supporting the middle class.
