Aspirational Budget
The J & K administration has said that the new budget for the year 2022-23 passed by the Union Government will change the socio economic scenario.
The new budget will transform Jammu and Kashmir from aspirational to industrialized territory while unlocking its potential through Convergence.
Union Government has allocated Rs 555.80 crore under Capital Expenditure for the year 2022-23 for Industries & Commerce sector
J&K is dominated by MSME and it plays a crucial role in propelling industrial growth and economy in UT as they contribute around 8% to the GSDP and employ the largest number of people in the manufacturing and services sectors.
Approximately 25,000 MSMEs that are operational in the UT contribute almost 60% of the total investment and 90% of total employment in the industrial sector in the UT. It is thus imperative that the MSME sector be further supported through policy interventions.
For Industries and Commerce Sector, an allocation of about Rs 555.80 crore has been made under Capital Expenditure for the year 2022-23 which is Rs.139.84 crore more than the previous year’s budget allocation.
The Government of Jammu & Kashmir is providing an enabling environment for investors to start their ventures in the Union Territory.
