PHD Chamber of Commerce and Industry Kashmir Chapter Submits Pre-Budget Recommendations to J&K Chief Minister
In an effort to boost economic growth, attract investments, and support local businesses in Jammu and Kashmir, the PHD Chamber of Commerce and Industry (PHDCCI) Kashmir Chapter presented a detailed set of pre-budget recommendations to the Chief Minister. The recommendations aim to provide relief to businesses affected by post-2019 disruptions, simplify regulatory frameworks, and focus on sectors like tourism, information technology, and MSMEs.
Key Recommendations Made by PHDCCI:
- One-time relaxation in credit scoring norms for entrepreneurs impacted since 2019
- Rationalization of Change of Land Use (CLU) procedures to reduce approval timelines
- Extension of the J&K New Central Sector Scheme (NCSS) with enhanced funding
- Effective implementation of the J&K Industrial Policy 2021–30 with adequate budgetary allocation
- Mandating UT departments and PSUs to source 30% of their procurement from local MSMEs
- Setting up a plug-and-play technology center for the IT sector
- Adoption of a homestay and tourism subsidy model in the tourism sector
- Encouraging private investment in boarding schools
PHDCCI emphasized the importance of these recommendations in promoting local entrepreneurship, generating employment, and improving the ease of doing business in the region. The chamber believes that incorporating these proposals in the upcoming budget could significantly contribute to economic revival and inclusive growth in Jammu and Kashmir.
PHDCCI Kashmir Co-Chair Himayu Wani’s Statement:
PHDCCI Kashmir Co-Chair Himayu Wani highlighted that the recommendations strike a balance between immediate relief and long-term structural reforms. He emphasized that these measures, from credit relief to support for MSMEs, tourism, and IT sectors, have the potential to enhance economic opportunities and empower local businesses.
Overall, the PHD Chamber of Commerce and Industry Kashmir Chapter’s pre-budget recommendations aim to pave the way for a more vibrant and resilient economy in Jammu and Kashmir, fostering growth and prosperity in the region.
