Budget fails to cater to needs of trade, industry: Masoodi

Excelsior Correspondent

New Delhi, Mar 24: The Jammu and Kashmir National Conference Member of Parliament from Anantnag Hasnain Masoodi today 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 trade, industry and commerce.
This was pointed out by him while making an intervention on the demands for grants from the ministry of trade and commerce.
Speaking in the Lok Sabha, Masoodi said the budgetary allocations for the ministry for the year 2022-23 are less than 2021-22, saying the decrease in the allocations will adversely affect the growth of the concerned industries, 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 development is visible on the ground.
The budgetary allocations, Masoodi said is blind to the plight of Jammu and Kashmir trade, commerce and industries, which he stated have suffered from major reverses since 2014 deluge and successive 2019 clamp down and Covid induced lock downs. 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 further 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 JK, saying that inordinate delay in the renewal is impacting the trade.