Excelsior Correspondent
SRINAGAR, Mar 15: While welcoming the J&K Budget 2023-24 presented by the Union Finance Minister in parliament, the Kashmir Chamber of Commerce & Industry (KCCI) today said that the budgetary allocation for Industry and Commerce is way too below expectation for addressing the problems faced by Industry.
In a statement issued, the trade body said that it welcomes the central assistance of Rs.35581 crores for the mitigation of natural disasters, to meet the expenditure incurred on account of the permanent restoration of infrastructure damaged due to the 2014 floods, rehabilitation, preservation and restoration of Dal & Nageen lakes providing funds for Wular Lake, besides
Apart from other allocations, KCC&I said that the budgetary support of Rs.457 Crores for up gradation of Tourism infrastructure, 255 crores for conservation of Environment, 90 crores for Dal-Nigeen development, 25 crores for the pathway of Wular lake, 40 Crores for Tourism Promotion, are steps in the right direction.
“Also provision of 520 crores for Smart City is also welcome. Moreover, the equity contribution for 624 MV KIRU & 800 MV RATLE Hydroelectric Projects, Jhelum Tawi Flood Recovery Project is appreciable.”
However, the trade body said, the allocation of only 200 crores for Industry and Commerce for existing Industry is way too below expectation for addressing the problems faced by Industry.
“No allocation of capital infusion in self-financing industries; providing support to industries by way of freight subsidies and other incentives to remain competitive with outside industry; no Scheme for addressing stressed loans of Borrowers and NPA’s.”
It said that Horticulture has been stressed for the last 2-3 years, and no exemption/ refund of GST like in Himachal Pradesh has been provided apart from the absence of fast track TPT system, addressing the alternate road connectivity for horticulture items during peak export time and no Crop Insurance.
“The suffering Shawl Sector, particularly Pashmina, needed a boasted dose which was not there. There is also no support for 20000 Shawls, Handicrafts, Carpets, Pashmina artisan loanees,” it said.
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