Kashmir business group advocates business stimulus ahead of J&K Budget

As anticipation builds for the upcoming budget presentation in Parliament by Finance Minister Nirmala Sitharaman, the Kashmir Trade Alliance (KTA) has voiced its concerns and expectations for a robust business stimulus package.

Aijaz Shahdhar, the President of KTA, emphasized the challenging situation faced by the business community, citing a current economic slump. Shahdhar expressed high hopes for the forthcoming budget, stating, “We have high expectations from the budget to be tabled in Parliament.”

One major concern highlighted by Shahdhar is the issue of Non-Performing Assets (NPAs) affecting the business community. In response, KTA urged the government to implement a comprehensive policy to address and mitigate the impact of NPAs on businesses.

Addressing specific issues, Shahdhar emphasized the need for amnesty for commercial power consumers and the amnesty for traders on Goods and Services Tax (GST) demands which were raised post implementation of GST in J&K. These, he believes, are crucial steps to alleviate financial burdens on the business sector.

Furthermore, the Kashmir Trade Alliance called for a budget focus on enhancing all-weather connectivity, advocating for the introduction of rail links and improvements in road connectivity. Shahdhar stressed, “Connectivity is paramount for sustained business growth.”

In addition to infrastructure concerns, KTA urged the government to expedite Smart City projects. Shahdhar emphasized the importance of streamlining these initiatives to prevent potential obstacles for businesses. “Expedition of Smart City projects is essential to ensure businesses operate seamlessly,” he remarked.

As the Jammu and Kashmir budget looms, the business community looks to the Finance Minister to address these pressing issues and provide a comprehensive stimulus package to rejuvenate the economic landscape in the region.