Union Budget 2021-22 a step towards industrialization under Atma Nirbhar Bharat: FOIJ

 Smt. Nirmala Sitharaman, Hon’ble Union Minister of Finance presented Union Budget 2021-22 in Parliament today which we termed as a positive step to encourage the MSME Sector of our Country under the  AtmaNirbhar Bharat concept of our Hon’ble Prime Minister Sh. Narendra Modi as the  AtmaNirbharta is not a new idea as in Ancient India it was largely self-reliant, and equally, a business epicenter of the world and at present AtmaNirbhar Bharat is an expression of 130 crores Indians who have full confidence in their capabilities and skills.

It is pertinent to mention here that while going through the highlights of the Budget, Businesses having turnover of less than 10 Crores exempted from the preview of the Audit  which we termed it as a big relief for MSME Sector with 95% Digital Transactions. Moreover the increase in the Custom Duty on the Import of Finished Goods from outside the country, which is being manufactured by the MSME Sector, also provide a level playing field to the Domestic Manufacturing MSME Sector which is facing stiff competition at present from neighbouring Countries. Further the Budget allocation for Infrastructure Development is also a key factor for the development of Industrial Sector. We request to Hon’ble Prime Minister Sh. Narendra Modi to provide adequate funds for the Development of Infrastructure for Union Territory  of Jammu & Kashmir on a priority basis   keeping in mind the massive Investment on cards on the basis of 28,400 Crores Industrial Package approved by Govt. of India for the Industrial Sector of Jammu & Kashmir.