KCCI gives thumbs up for Rs 1,18,500crore J&K Budget

Representational Pic
Representational Pic

Srinagar, Mar 15: Kashmir Chamber of Commerce and Industry (KCCI) has welcomed the Jammu & Kashmir Budget 2023-24 presented by Union Finance Minister in parliament.

In a statement issued here, KCCI said that the central assistance of Rs 35581 crore for mitigation of natural disasters, to meet the expenditure incurred on account of the permanent restoration of infrastructure damaged due to the 2014 floods, rehabilitation, preservation and restoration of Dal and Nageen lakes providing funds for Wular Lake, besides Rs 50 crore for Tourism Promotion Rs 475 crore for upgrading tourism infrastructure is welcome.

“The provision of Rs 7100 crore for Jal Shakti for providing 18 lakhs households with taped/piped water will help raise their quality of life. (400 crores for land development in Industrial Estates is welcome). The budgetary support of Rs 457 Crore for up gradation of Tourism infrastructure, Rs 255 crore for conservation of the Environment, Rs 90 crore for Dal-Nigeen development, Rs 25 crore for the pathway of Wular lake, Rs 40 crore for Tourism Promotion, are a step in the right direction”, KCCI further said.

Also, a provision of RsRs 520 crore for Smart City is also welcome. Moreover, the equity contribution for 624 MV KIRU & 800 MV RATLE Hydroelectric Projects, Jhelum Tawi Flood Recovery Project is appreciable, the statement further added.

“However, the allocation of only Rs 200 crore for Industry and Commerce for existing Industry is way too below expectation for addressing the problems faced by Industry”, it said adding that “no allocation of capital infusion in self-financing industries; providing support to industries by way of freight subsidies and other incentives to remain competitive with outside industry; a scheme for addressing stressed loans of Borrowers and NPAs could have been better addressed.

“The Horticulture (though falling under Agriculture) stressed for last 2-3 years, no exemption/ refund of GST like in Himachal Pradesh, fast track TPT system addressing the shortage dearth of carriages during peak export time and no Crop Insurance as well. The suffering Shawl Sector particularly Pashmina needed a dose which is not there”, it maintained.

“There is no support/relief to 20000 Shawls, Handicrafts, Carpets, Pashmina artisan loanees considering their loans have become irregular. Necessary budgetary provisions to support Transport and General Trade sectors are also not there in the budget which deserves consideration”, it added.

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