The Jammu and Kashmir Budget today received mixed reaction from the industry, with one section terming the proposals to attract investment as positive moves, while others said many demands have not been addressed.
"In short we can just say that it is very disappointing budget as far as the industry is concerned," President of Chamber of Commerce and Industry Jammu Rakesh Gupta said.
He said that the industry in the state that was expecting "a lot" from the new finance minister as they had suffered huge losses in the devastating floods of September last year but they got "nothing."
"Not much has been given to the industry in this budget, not a single demand that we raised during the pre-budget consultation with the finance minister were addressed," Gupta said.
He said that he would hold a consultation of other office bearers of the industry and would come out with a detailed reply.
However, the terming the budget as a "positive one" that would have a long term impact on the growth of industries in the state, chairman of the Bari Brahmana industries association, Annil Suri said, "This is a positive budget and we welcome it."
"See a lot still needs to be done for the growth of industry in Jammu and Kashmir, this budget which we consider to be a positive one will also set in motion a positive change for the long term growth of the industry in the state," he said.
Suri said that during the "pre budget" consultations with the finance minister the industry had requested him to form a new industrial policy for the state as the current one was about to expire on March 31.
"We wanted that the new policy should not be the cut and paste of the old one, so listening to our demands and till the time a new policy is framed, the finance minister has extended the current policy for three months during this period a new policy will be formed," he said.
He said that the budget would attract more investment in the state as the finance minister has proposed to develop a 10,000 kanal land bank for the development of industry in the state.
Suri said that the budget would also help in eradicating the "mistrust" between the government and the industry, "The government always felt that the industry takes the benefits of the tax holidays and other benefits offered to them and then leaves, this budget is aimed at bridging that trust deficit," he said.
