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| MSMEs in J&K set to benefit from budget 2025-26 | | | Early Times Report
JAMMU, Feb 2: Jammu & Kashmir's MSME sector is poised to gain significantly from the Union Budget 2025-26, with a host of favorable provisions designed to boost the region's economic growth. According to the latest data from the Udyam registration portal, a total of 486,102 MSMEs have been registered in Jammu & Kashmir from July 1, 2020, to February 1, 2025. The Udyam registration process is paperless, free of cost, and based on self-declaration, requiring no document uploads.
The revised classification of MSMEs announced in the budget will see around 99% of the registered units in Jammu & Kashmir classified as micro units, up from 98% currently. This change will allow these enterprises to access various government schemes and benefits, including the Public Procurement Policy, which mandates a 25% reservation for MSMEs in government procurement.
The MSME sector is a significant contributor to the region's employment, second only to agriculture, and is crucial to the economic development of the union territory. It accounts for 36% of manufacturing output and contributes to 45% of exports. With this in mind, the government has placed special emphasis on the sector in the latest budget, recognizing its potential to drive growth.
Key budget measures benefiting MSMEs include an increase in the Credit Guarantee Cover for Micro & Small Enterprises, raised from ?5 crore to ?10 crore. This will enhance credit flow to the sector, benefiting both new entrepreneurs and existing businesses seeking to expand. Additionally, 10 lakh credit cards will be issued to Udyam-registered units, enabling access to Rs 5 lakh in credit for their enterprises.
The introduction of a ?1,000 crore Fund of Funds for Startups, as well as provisions for loans of up to ?2 crore for women, Scheduled Caste, and Scheduled Tribe first-time entrepreneurs, marks another positive step for Jammu & Kashmir's MSME sector.
Further, the government's focus on export-based MSMEs includes term loans of up to ?20 crore, aimed at promoting growth in export-driven industries. Specific sectors such as footwear, leather, toys, and food processing are also receiving targeted support. With a robust push for skilling initiatives, clean tech manufacturing, and Make in India projects, the budget promises to catalyze MSME growth in the region.
Jammu & Kashmir's food processing sector, particularly in apple and walnut production, and leather industries in districts like Pulwama, stand to benefit significantly. These industries provide substantial employment opportunities, especially in rural areas, and are integral to the region's economic fabric.
The MSMEs in Jammu & Kashmir are well-positioned to emerge as a key growth engine, with the budget's provisions offering significant support across various sectors. For further details, MSME entrepreneurs can contact G. Velladurai, Joint Director of the Field Office of the Union Ministry of MSME for Jammu & Kashmir, at [email protected]. |
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