New Delhi, Feb Ist — Chairman of the PHD Chamber of Commerce and Industry (PHDCCI), Kashmir Chapter, Mr. Vicky Shaw on Tuesday described the Union Budget 2024–25 as a progressive and inclusive roadmap for holistic development, while welcoming the enhanced financial allocation for Jammu and Kashmir and its focus on agriculture, MSMEs and tourism.
Speaking to the media on the sidelines of a live budget viewing session organised at Hotel Shangri-La Eros in New Delhi, Mr. Shaw said the budget reflects a multi-sectoral approach with specific provisions aimed at accelerating growth in Jammu and Kashmir.
He welcomed the allocation of ₹43,290 crore for the Union Territory, nearly ₹2,000 crore higher than the previous year, calling it a positive signal of the Centre’s sustained commitment to the region’s development. Mr. Shaw said the enhanced allocation underscores the government’s intent to support Jammu and Kashmir’s economic recovery and long-term growth.
Emphasising the importance of effective implementation, he expressed confidence that the Union Territory government, under the leadership of the Chief Minister and the Lieutenant Governor, would utilise the budget in line with stakeholder priorities. He added that judicious utilisation of public funds rests with elected representatives and administrators.
Highlighting key features of the budget, the PHDCCI Kashmir Chairman said it places strong emphasis on empowering MSMEs, promoting next-generation skilling and improving liquidity support through the Trade Receivables Discounting System (TReDS).
Mr. Shaw particularly welcomed the proposal to increase the Kisan Credit Card loan limit from ₹3 lakh to ₹5 lakh, stating that the move would significantly enhance access to institutional finance for farmers, boost agricultural productivity and strengthen the rural economy of Jammu and Kashmir.
He also noted that the integrated programme for the textiles sector would help revive traditional handicrafts, while initiatives such as ‘SHE Marts’ would promote women-led rural enterprises and support inclusive growth at the grassroots level.
On tourism and infrastructure, Mr. Shaw welcomed the promotion of the Buddhist circuit and the development of sustainable mountain trails in Jammu and Kashmir. He said the proposed training of 10,000 tourism guides through premier institutions would professionalise the sector, generate employment and position Jammu and Kashmir, along with other destinations in India, as a leading hub for sustainable tourism.
Reiterating PHDCCI Kashmir’s commitment to collaboration, Mr. Shaw said the budget provides a robust framework for balanced and sustainable development and that the Chamber remains ready to work with all stakeholders to ensure effective execution on the ground.
The budget viewing session witnessed active participation from industry leaders, policy experts and business representatives, and was followed by detailed discussions on the potential impact of the budget on industry, trade and regional development.
