KTMF seeks financial revival package for small businesses at CM’s pre-Budget meet

Srinagar, Feb 11: The Kashmir Traders and Manufacturers Federation (KTMF) met with Chief Minister Omar Abdullah today at the Civil Secretariat to discuss pressing economic challenges ahead of the upcoming budget. The high-level delegation, led by KTMF President Mohammad Yaseen Khan, included representatives from various district traders’ federations, who presented a set of proposals aimed at revitalizing Kashmir’s business landscape, a press statement issued to Ziraat Times said.

Speaking after the meeting, KTMF President Mohammad Yaseen Khan emphasized the urgent need for government intervention to prevent further economic distress among small and medium enterprises (SMEs) in the Valley. The delegation outlined several critical demands, including:

1. Financial Revival Package for Small Businesses

KTMF urged the government to introduce a comprehensive financial relief package to support SMEs struggling due to years of economic disruptions. The proposal includes enhanced working capital support and the provision of soft loans to help businesses sustain operations.

2. Special Budgetary Allocation for Kashmiri Businesses

The federation called for the establishment of a dedicated business development fund exclusively for Kashmir-based enterprises, aiming to empower local traders and stimulate economic growth.

3. GST Slab Revision & Relief Measures

Expressing concern over the burden of high Goods and Services Tax (GST) rates on essential business goods, KTMF urged the Chief Minister to advocate for a revision of existing GST slabs through the GST Governing Council.

4. Parking Facilities in Downtown Srinagar & District Towns

The delegation highlighted the acute shortage of parking spaces in Srinagar’s downtown and other district headquarters. They stressed the need for well-planned parking infrastructure to ease congestion, improve accessibility, and support both business activities and tourism.

5. Infrastructure & Trade Policy Support

KTMF proposed the formation of a Trade Policy and Advisory Board with representation from industry stakeholders, traders’ associations, academia, and policymakers. The board would provide strategic guidance on economic reforms and policies tailored to the evolving needs of Kashmiri businesses.

Government’s Response

During the discussions, CM Omar Abdullah acknowledged the importance of these consultations, stating, “The upcoming budget for Jammu and Kashmir is the first in many years where we aim to ensure inclusivity in the policymaking process.”

While he noted that immediate implementation of every demand might not be feasible, he assured the delegation that “nothing that has been said here will be ignored.” He emphasized that all concerns raised would be carefully examined during the budget formulation process.

KTMF also requested a follow-up mechanism to monitor the implementation of proposed relief measures, ensuring accountability and sustained government support.