FICCI Jammu Submits Pre-Budget Suggestions to Chief Minister Omar Abdullah
Recently, the Federation of Indian Chambers of Commerce & Industry (FICCI), Jammu, presented an extensive list of pre-budget recommendations to Chief Minister Omar Abdullah. The suggestions aimed at garnering focused policy assistance to revive various sectors including industry, commerce, tourism, and related industries in the Union Territory of Jammu and Kashmir.
During the pre-budget discussions, FICCI Jammu highlighted the longstanding neglect towards the industrial sector, which is pivotal for economic progress. The chamber specifically addressed the plight of local entrepreneurs, who serve as the fundamental economic foundation of the Union Territory. It urged the government to prioritize the growth of local industries while also attracting external investments.
One of the primary demands put forth by FICCI was the extension of incentives to new and existing units planning substantial expansions. The organization advocated for an increase in the interest subsidy on working capital to a period of 10 years, with a maximum limit of Rs 30 lakh per annum, as opposed to the current five-year tenure and Rs 20 lakh ceiling. Additionally, FICCI called for the prolongation of turnover subsidies from five to ten years, ensuring full and timely disbursement to address the existing implementation challenges.
