A day after Finance Minister Haseeb Drabu presented budget 2018-19, reaction from different business sections continue to pour in, while KYEF and PHD Chamber-Kashmir chapter have hailed the annual plan, fruit growers union said that budget has nothing for horticulture industry which is the mainstay of state’s economy.
Kashmir Youth Entrepreneurs Federation (KYEF) hailed the finance minister for presenting a budget which has “accommodated all the sectors of the economy besides keeping provisions for youth empowerment”.
In a statement, KYEF President Babar Chowdhary said that the “long pending demand of hoteliers has been heard as the government has decided to treat hotels and resorts at par with the industries as far as payment of power tariff is concerned. From April 1, they will now have to pay the same power tariff as is applicable to the industries.”
Finance Minister has made a special intervention of the youth by providing education loans and with deferment of the repayment of the loan till the course is completed.
Fruit growers and dealers union of Kashmir has criticized the budget saying that it has completely ignored horticulture sector.
In a statement, chairman, Kashmir Valley Fruit Growers cum Dealers Union, Bashir Ahmad Basheer said, ” We totally reject the budget 2018-19 and also contest the tall claims of the finance minister in which he says that horticulture is government’s priority, but on contrary in budget there is nothing for the horticulture sector despite taking up the demands of the sector with him and government.”
“Much hyped media attention was given that no GST will be charged for fresh fruits and vegetables, but 18 percent GST on pesticides, fungicides, insecticides and Tree Spray Oil, 12 percent GST on Card Board packaging material and waste paper was imposed which adds more worries to fruit growers and production cost of fresh fruit and vegetables increased due to this,” he said.
Kashmir chapter of PHD Chamber of Commerce has applauded the finance minister for tabling a fourth consecutive balanced budget.
“We told the finance minister that the values of balance and moderation are of the utmost importance to our members,” said Mushtaq Ahmed Chaya, Chairman of the Chamber. “Our delegation asked for a balanced budget and a focus on other major industries aside from tourism. And we saw both of those as a focus in this year’s budget.”
Budget 2018 includes visible extensions for tax credits that will help local business. “The State Government has shown a dedication to helping businesses with debt relief, industrial power tariff for hotels, waive off interest and penalty on all power arrears,” Chaya said.