Excelsior Correspondent
SRINAGAR, Mar 8: The Federation of Chambers of Industries Kashmir (FCIK) today welcomed J&K budget for its focus on industrial expansion, but raised concerns over inadequate estate upgrades and policy omissions.
In a statement, the chamber praised incentives for IT, renewable energy, and biotechnology, along with a renewed industrial framework, but called for better fund distribution and clarity on SGST reimbursements.
At a meeting led by Shahid Kamili, FCIK lauded support for existing industries and emerging sectors, calling the initiatives growth-oriented.
It welcomed the proposed review of industrial policies and a renewed framework to unlock J&K’s industrial potential.
The chamber highlighted the need for proper allocation of the Rs 28,400 crore New Central Sector Scheme (NCSS) to support 40,000 industrial units, driving jobs and investment.
It also praised the new public procurement policy favoring local manufacturers but raised concerns over the GeM platform’s classification of MSMEs.
While commending plans for worker housing in industrial estates, FCIK deemed the Rs 100 crore allocation for estate upgrades insufficient.
It also welcomed the announcement of an Industrial Advisory Committee to refine policies and enhance stakeholder engagement.
FCIK supported streamlining SGST reimbursements but called for equal fund distribution between Jammu and Kashmir.
It urged the extension of SGST benefits to MSMEs for both intra- and inter-state supplies and advocated for expanded startup funding, including venture capital and mentorship, for young entrepreneurs.
The chamber backed skill development but stressed job quality and private sector collaboration and noted key omissions, including amnesty schemes for power dues and the pre-GST VAT regime.
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