KCCI welcomes J&K UT budget proposals

Srinagar, Mar 15 (PTI) The Kashmir Chamber of Commerce and Industry (KCCI) on Wednesday welcomed the budget for 2023-24 for the Union Territory, saying the proposals will help raise the quality of life of citizens.

“The central assistance of Rs 35,581 crore for mitigation of natural disasters, to meet the expenditure incurred on account of permanent restoration of infrastructure damaged due to 2014 floods, rehabilitation, preservation and restoration of Dal and Nageen lakes providing funds for Wular Lake, besides Rs 50 crore for Tourism promotion, 475 crore for upgrading Tourism infrastructure, is welcome,” KCCI said a statement.

It said the provision of Rs 7,100 crore for Jal Shakti for providing 18 lakh households with tapped / piped water will help raise their quality of life.

However, the KCCI said the allocation of only Rs 200 crores for the existing industry is lower than expectations for addressing the problems faced by the industry.

There is 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 NPAs, it said.

The statement said the Horticulture is stressed for last 2-3 years, and no exemption/refund has been given of GST like in Himachal Pradesh, fast-track TPT system, addressing the alternate road connectivity for horticulture items during peak export time and no crop insurance as well.

The shawl sector particularly pashmina needed a booster dose which is not there, it said.

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