Excelsior Correspondent
SRINAGAR, Mar 24: The Kashmir Chamber of Commerce and Industry (KCCI) has expressed reservation over neglecting of some sectors by the Government in the budget.
KCCI in a statement said that some of the initiatives including continuation of VAT exemption, creation of two holding companies for the Public Sector Enterprises, secure horticulture future initiative, provision of creating 10000 kanals of land bank for development of industries, provision of Rs 35 crore for higher capital subsidy on plant and machinery and the initiative of setting up of a Rs 100 crore venture capital fund to provide equity finance to start ups was a commendable step from the Government.
However, at the same time it has pointed out that in the budget certain economic and social sectors like tourism, handicraft and health have been completely neglected or cursorily touched.
“For handicraft no specific allocation has been made to help it grow on a faster and steady pace to contribute to the State economy,” they said, adding, the handicraft sector deserve special care for the fact that it has potential to generate employment for the local youth on a large scale.
They added that tourism was another important sector which contributes a sizeable chunk to the State economy, has also dealt with casually in the budget. “The extension of the already available tax exemption to hoteliers from payment of entry tax on furniture, office equipment etc or GST on loading services does not however amount to a big way provision in the budget for the growth of the tourism sector,” they said.
“For Health sector of the State there is hardly anything worth mention, The Kashmir Chamber of Commerce & Industry would always urge that the Government to have a relook and find the sectors of the economy that have not received the due attention in the budget and devise a system to make necessary provisions for the growth of such sectors,” KCCI said.
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