PHDCCI Kashmir lauds J&K’s ₹1.27 lakh cr Budget as ‘visionary and balanced’

Ziraat Times News Desk

Srinagar, Feb 7 — The PHD Chamber of Commerce and Industry (PHDCCI), Kashmir Chapter, has formally welcomed Jammu & Kashmir’s budget for fiscal year 2026-27, presented by Chief Minister Omar Abdullah on Friday.

Terming the ₹1.27 lakh crore outlay a “fiscal compass” for the region, the Chamber praised the government for prioritizing long-term structural reforms and inclusive development despite the heavy burden of salaries, pensions, and debt servicing.

Vicky Shaw, Chairman of PHDCCI Kashmir, highlighted that while the government faces significant fiscal constraints, the decision to allocate ₹33,127 crore toward Capital Expenditure is a transformative move.
“The Chief Minister has presented a visionary budget that judiciously allocates available resources towards sustainable growth,” Mr. Shaw stated. “The focus on building foundations for the future, particularly after the recent floods and security incidents, is highly commendable.”
The Chamber identified several “progressive announcements” that align with industry expectations and PHDCCI’s previous recommendations:

Technology & Innovation: The establishment of state-of-the-art IT/ITES Parks in Srinagar and Jammu, alongside a ₹20 crore Centre of Excellence in AI, is expected to position J&K as a technology hub and create high-value employment.

Handicrafts Revival: The Chamber welcomed the enhanced support for the J&K Trade Promotion Organization (JKTPO) and the establishment of a Unity Mall (Crafts Bazaar) to provide market linkages for local artisans.

Agriculture Modernization: Specific praise was given to the Aromatic and Medicinal Plant Mission (₹150 crore) and the expansion of Controlled Atmosphere (CA) storage facilities, which address core concerns for the horticulture sector.
Education Reform: New initiatives such as the JK e-Pathshala DTH channel and the four-track Skill and Entrepreneurship framework were noted as pivotal for building a future-ready workforce.

The PHDCCI noted the strategic utilization of the Special Assistance to States for Capital Investment (SASCI) funds. By leveraging these interest-free loans for infrastructure and disaster mitigation, the Chamber believes the government is sending a strong signal of intent to foster a business-friendly environment.

While acknowledging that a resource-constrained environment prevents the accommodation of all industry demands, Mr. Shaw reiterated PHDCCI’s commitment to partnering with the UT administration. The Chamber believes that the current focus on technology, human development, and infrastructure will ultimately unlock the immense economic potential of Jammu & Kashmir.