Early Times Report
JAMMU, Feb 1: The Federation of Industries Jammu (FOIJ) has hailed the Union Budget 2025-26, presented by Smt. Nirmala Sitharaman, the Hon'ble Union Minister of Finance, as highly beneficial for the MSME sector and for the country's overall industrial growth.
Sh. Lalit Mahajan, Chairman of FOIJ and President of the Bari Brahmana Industries Association (BBIA), welcomed the various budget proposals aimed at accelerating the development of key sectors, particularly MSMEs and the corporate sector. Some notable announcements from the Budget include:
Revised Turnover Classification for MSMEs: The classification criteria for MSMEs have been revised, with the turnover limit for micro enterprises raised from ?5 crores to ?10 crores, small enterprises from ?50 crores to ?100 crores, and medium enterprises from ?250 crores to ?500 crores.
Customized Credit Cards for Micro Enterprises: A ?5 lakh limit on customized credit cards has been introduced for micro enterprises registered on the Udyam portal. Enhanced Credit Guarantee: The credit guarantee cover for micro and small enterprises has been increased from ?5 crore to ?10 crore. Additionally, for export MSMEs, the cover on term loans has been raised to ?20 crore. Income Tax Exemption: An income tax exemption limit of ?12 lakh per annum has been introduced to benefit a large section of the population. However, Sh. Mahajan also highlighted the absence of any proposal for the extension of the Central Package of Incentive for existing and new units in Jammu & Kashmir. There are approximately 300 applications pending with the Industries Department of J&K for registration.
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