Excelsior Correspondent
JAMMU, Dec 9: A delegation of Kashmir Chamber of Commerce & Industry (KCCI) headed by its president Sheikh Ashiq Ahmad, participated in the pre-budget discussions with Kewal Kumar Sharma, Advisor to the Governor Satya Pal Malik today at Srinagar.
The Kashmir Chamber of Commerce and Industry apprised the Advisor about the precarious economic condition of the businesses. They pointed out that condition of our economy is precarious. The instability on the political front has created further complications. The suggestions given by the Kashmir Chambers last year in pre-budget meeting were not entertained. Most of the announcements made have either not been acted upon or stand shelved.
“Having a direct interest in it, the KCCI is keen to assist the State in the revival of our economy. We suggest that, as a first step, the threads be picked up from the previous budget and announcements made therein regarding trade, commerce and industry be acted upon urgently. Stability and continuity in fiscal policies is essential for ensuring appropriate growth and development,” they added.
In view of the unrest of 2016 further impairing the capacity of businesses to repay their loans, the then Government had taken up the case for giving a suitable financial package. After meeting with trade bodies, the then Chief Minister had rolled out the “CM’s Business Interest Relief Scheme” as an interim measure to support the businesses till the proposed financial package was finalized. This scheme was also declared to be beneficial to the banks who were at that point of time facing “huge NPA build up”. A large number of the businesses have since either closed down or are on the verge of closure. The NPA build up has multiplied. The Government must take up the finalisation of a package for which Central Government and RBI intervention at the highest level may be required, they said.
The KCCI delegation also discussed and sought specific interventions for Tourism, Handicrafts, Industries, Horticulture, Power, General Trade, Information Technology and other sectors. They raised the need for allocations for the 2.5 lakhs artisans who were under huge financial debts. The issue of creation of a Carpet Village for which already recommendations had been made was also discussed. The delegation sought marketing assistance for ensuring rotation of carpet stocks and other handicraft products. The negative impact of GST on handicraft sector and the need for it’s removal was also highlighted. They also urged for allocation of an Information Technology Tower on the lines of the Software Technology Park of India (STPI) in Kashmir and pressed for SGST exemptions for national level players who offload their work through this IT Tower.
The Chamber delegation also requested for allocations to cater to the Poultry Industry for which purpose a new policy was shortly being rolled out.
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