KCCI urges bold Budget reforms for J&K’s economic revival in pre-budget meeting with CM

Ziraat Times News Report

Srinagar, Feb 11: A delegation from the Kashmir Chamber of Commerce and Industry (KCCI), led by Senior Vice President Ashiq Hussain Shangloo, Secretary General Faiz Bakshi, and Past President Mushtaq Ahmad Wani, participated in a pre-budget consultation meeting chaired by Chief Minister Omar Abdullah at the Civil Secretariat.

During the meeting, KCCI submitted a detailed set of recommendations aimed at addressing economic distress, revitalizing key sectors, and creating employment opportunities across Jammu & Kashmir. The Chamber emphasized the need for policy interventions to uplift struggling businesses and harness the region’s untapped potential.

Strategic Budget Recommendations by KCCI:

1. Tackling Unemployment with Private Sector Growth

• J&K’s unemployment rate is alarmingly high, affecting over 1.7 million individuals.

• Urgent budgetary allocations for job creation, private sector incentives, and skill development.

• Support for entrepreneurship, startups, and industrial growth to boost employment.

2. Revitalizing Handicrafts & Export Growth

• Increased incentives for GI-tagged products.

• Establishment of an International Exhibition Mart to expand market reach.

3. Transforming Tourism into an Economic Powerhouse

• Revitalization of Tourism Development Authorities.

• Adventure tourism promotion and houseboat heritage preservation.

• Branding ‘Kashmir’ at national and international tourism expos.

4. Strengthening Agriculture & Horticulture

• Agriculture contributes 16.5% to SGDP, with potential to exceed 30% with revised policies.

• Expansion of high-density apple, cherry, walnut, and almond plantations.

• Introduction of a Crop Insurance Scheme.

5. Infrastructure for Cold Storage & Food Processing

• Development of temperature-controlled storage and food processing units.

• Investment in organic farming and branding Kashmiri produce globally.

6. Industrial Revival & Ease of Doing Business

• Urgent focus on rehabilitating non-operational industrial units.

• Fast-tracked industrial estate development and simplified business registration.

7. Empowering Startups & Skill Development

• Special funding and incubation support for startups and women entrepreneurs.

• Vocational training programs aligned with industry demands.

8. IT & BPO Sector for Employment Generation

• Development of IT hubs to attract outsourcing businesses.

• Collaboration with national and international tech firms.

9. Strengthening Water & Irrigation Infrastructure

• Climate-adaptive water management systems to prevent depletion.

10. Boosting Dairy, Poultry & Fisheries

• Reduce J&K’s ₹2,500 crore annual poultry import bill with local incentives.

• Expand trout farming in Kokernag, Gurez, and Pahalgam.

• Establish modern fish hatcheries.

11. Reviving General Trade & Retail Sector

• GST simplifications, transportation facilitation, and enhanced warehousing.

12. Environmental Sustainability & Climate Resilience

• Conservation of wetlands and eco-sensitive zones.

• Promoting renewable energy through commercial solar subsidies.

13. Healthcare & Medical Infrastructure Expansion

• Investment in strengthening public health facilities.

• Budget allocations for specialized medical institutions.

14. Sports Infrastructure for Youth Development

• Establishing world-class sports facilities.

15. Reforming Education & Vocational Training

• Upgrading government schools with modern infrastructure.

• Expansion of tinkering labs and skill centers.

16. Addressing NPAs & Business Rehabilitation

• Financial relief and restructuring for pandemic-hit businesses.

• Special amnesty for commercial power consumers.

17. Poultry Sector Revival

• Policy measures to restore local poultry production and employment.

KCCI stressed the need for a forward-looking budget that fosters sustainable economic growth while safeguarding the interests of local industries, businesses, and youth. The Chamber urged the government to swiftly implement these measures to rebuild confidence in J&K’s economy and create a resilient financial ecosystem.

The upcoming Budget 2025-26 is expected to be a pivotal one, being the first under an elected government post-2019.