FCIK lauds Govt’s efforts to strengthen entrepreneur ties; presents pre-Budget proposals for industrial growth

By
Ziraat Times
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Ziraat Times News Network

Srinagar: The Federation of Chambers of Industries Kashmir (FCIK) has commended the Omar Abdullah government for its efforts to rebuild and strengthen the bond of trust and confidence with the entrepreneurial community, which had long felt marginalized and excluded from key decision-making processes.

After engaging in extensive Pre-Budget consultations with Chief Minister Omar Abdullah, his Advisor Nasir Aslam Wani, Chief Secretary Atal Duloo, ACS CM Dheeraj Gupta, and several administrative heads and government officials, the Advisory Committee of FCIK, led by Shahid Kamili, along with past Presidents Shakeel Qalander, Er. Zahoor Ahmad Bhat, and Mohammad Ashraf Mir, besides Afaq Qadiri and Ovees Jami, expressed their satisfaction with reinitiating the process after a gap of several years.

They emphasized that such meetings represent a crucial step in fostering a more inclusive and collaborative environment for businesses in the region, as these provide a platform for open dialogue between the government and the entrepreneurial community.

“This collaboration not only helps in addressing the challenges faced by local industries but also ensures that policy decisions are more aligned with the real needs and aspirations of business owners,” they said, adding that by creating a space for active participation, these discussions pave the way for more effective and targeted solutions, ultimately driving sustainable growth and creating a more favorable business climate in Kashmir.

FCIK presented a detailed 24-page Pre-Budget Discussion Submission during the meeting, structured into three key areas: essential policy interventions, enhancing public resource generation, and requests for increased financial allocations.

The Federation also urged Chief Minister Omar Abdullah to review this document in conjunction with the comprehensive Memorandum that was submitted and discussed during their meeting on October 29, 2024.

The apex industrial chamber has urged the Chief Minister to establish several high-level committees focused on key policy initiatives for industrial growth and development. Specifically, FCIK has called for the formation of an Industrial Advisory Board, a Skill Development Mission, a Grievance Redressal Authority, a UTLBC sub-committee for monitoring credit flow, and the expansion of the Micro and Small Enterprises’ Facilitation Council.

These bodies, FCIK believes, are essential for effectively monitoring progress and ensuring the successful implementation of initiatives. FCIK has also called for the establishment of a high-level committee to review and consolidate industrial policies into a single, comprehensive framework with uniform applicability. The Federation believes that the concurrent application of three separate industrial policies has only led to confusion, hindering progress rather than facilitating it.

Highlighting the longstanding exclusion of local manufacturers from public procurement processes, the Federation has called for a robust procurement policy that grants purchase and price preferences to local manufacturing MSMEs. The Chamber also drew the Chief Minister’s attention to a draft policy developed under his direction, urging further discussions with stakeholders before final approval.

In addition, FCIK presented several suggestions to the government aimed at boosting resource generation, introducing developmental models under the Public-Private Partnership (PPP) mode, optimizing centrally sponsored schemes, and improving fund utilization efficiency.

The Federation has requested a substantial allocation of funds for the establishment of new industrial estates, the upgrading of existing ones, turnover incentive, SGST reimbursement for units making both intrastate and interstate supplies and for other critical development areas.

Furthermore, FCIK has called for the creation of a Revolving Fund to support the revival, modernization, expansion, technological up-gradation, and diversification of existing industrial units, with the goal of unlocking their full potential.

Additionally, the Chamber has strongly advocated for the introduction of amnesty schemes to address power defaults, VAT regime discrepancies, lease deed violations, and other similar issues.

FCIK has also called for a more liberal policy regarding changes in the constitution of MSMEs. The Chamber expressed regret over the confusion among some authorities in Kashmir region, as they continue to demand stamp duty and court fees, despite the industrial policy clearly granting exemptions for such fees to both new and existing units.

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