Srinagar: The PHD Chamber of Commerce and Industry (PHDCCI), Kashmir Chapter, on Tuesday submitted a set of pre-budget recommendations to the Chief Minister of Jammu and Kashmir, proposing a series of policy and regulatory reforms aimed at boosting investment, supporting local businesses, and accelerating sustainable economic growth in the Union Territory.
A delegation led by PHDCCI Kashmir Co-Chair Himayu Wani and Deputy Director Iqbal Fayaz Jan presented the proposals, describing them as a roadmap to address post-2019 economic challenges and unlock the region’s growth potential. The recommendations focus on providing immediate relief to businesses, simplifying regulatory processes, and channeling strategic investments into sectors such as tourism, information technology, and micro, small and medium enterprises (MSMEs).
Among the key suggestions, the Chamber urged the UT administration to take up with the Reserve Bank of India a proposal for a one-time relaxation in credit score norms for entrepreneurs adversely affected since 2019. It also called for rationalisation of Change of Land Use (CLU) procedures to facilitate faster investment approvals and project implementation.
The PHDCCI further sought extension of the registration window and enhanced funding under the J&K New Central Sector Scheme (NCSS) to accommodate pending investor interest. It emphasised the need for adequate and timely budgetary allocation for effective implementation of the J&K Industrial Policy 2021–30, particularly for infrastructure development, subsidies, and employment generation.
To strengthen local enterprises, the Chamber proposed that all UT departments and public sector undertakings procure at least 30 per cent of their annual requirements from local MSMEs, supported by an improved market linkage mechanism. It also recommended establishment of a plug-and-play technology centre with subsidised utilities to attract IT companies, suggesting the use of defunct buildings or new infrastructure in return for commitments to employ local youth.
In the tourism sector, the delegation advocated incentives for homestays and tourism-related startups, proposing a subsidy model similar to Meghalaya, combining central and UT support. It also called for enhanced exhibition and marketing assistance through the J&K Trade Promotion Organisation (JKTPO) to enable MSMEs and artisans to participate in national and international fairs.
Other recommendations included encouraging private investment in boarding schools on the lines of successful models in Uttarakhand and Himachal Pradesh, and reserving a portion of land in the proposed Medicity project for the broader service sector to ensure diversified investment and optimal land use.
Speaking after the submission, Mr. Himayu Wani said the recommendations aim to balance immediate economic relief with long-term development planning. He expressed confidence that their inclusion in the upcoming budget would improve the ease of doing business, promote local entrepreneurship, and generate employment across Jammu and Kashmir.
The Chamber said it expects the proposals, if adopted, to provide a significant boost to economic revival and inclusive growth in the region.
