Reacting to the Budget, CCIK  President Tariq Ghani said that the government has demonstrated fiscal prudence and strategic prioritisation while addressing development needs amid economic constraints, security challenges and recent natural calamities.

 

Ghani appreciated the focus on capital expenditure, infrastructure creation and governance reforms, particularly the inclusion of Jammu & Kashmir under the Special Assistance to States for Capital Investment (SASCI) scheme, which provides long-term interest-free funding for infrastructure and disaster mitigation. He said that sustained investment in power, roads, health, education, agriculture, tourism, skilling and employment generation will help stabilise the economy and create long-term growth opportunities across the Union Territory.

 

Referring to the industrial and MSME sector, Ghani noted that the Budget acknowledges the strong industrial performance achieved in recent years, including increased investments, job creation, startup growth and improved Ease of Doing Business rankings. He welcomed the proposed amendments to the J&K Industrial Policy 2021–30 aimed at sustaining industrial growth beyond the NCSS scheme. However, he emphasised that industry now looks forward to a robust, clearly defined and forward-looking industrial policy that supports both existing and new industries.

 

“The Budget is progressive and stable despite limited fiscal space, but industry expects a robust new industrial policy for existing as well as new units, at par with the incentives, certainty and long-term support offered under the NCSS scheme.Click Here To Follow Our WhatsApp ChannelExisting industries require structured turnover-linked incentives, rationalisation of power costs, logistics support and continuity in policy to remain competitive and expand operations,” Ghani said.

 

He further stated that a strong and competitive industrial ecosystem is essential for employment generation, youth engagement and balanced regional development. Enhanced allocations for power development, physical connectivity, Mission YUVA, skilling, tourism diversification and MSME support were welcomed, as these sectors together create a multiplier effect for economic revival. GHANI reiterated that with effective execution and timely announcement of an industry-friendly industrial framework, Jammu & Kashmir can emerge as a preferred investment destination and a model of sustainable and inclusive economic growth.

 

Mr. Ghani also placed on record his appreciation for the Sh Atal Dullo Chief Secretary , Sh Santosh Vaidya  Finance Secretary and all Administrative Secretaries and officers involved in the preparation of the Budget, acknowledging their efforts in crafting a realistic, reform-oriented and development-focused fiscal roadmap under challenging circumstances. He stated that continued coordination between the government and stakeholders will be key to translating budgetary intent into tangible outcomes on the ground. The I Chamber of Commerce and Industries Kashmir, CCIK reaffirmed its commitment to working closely with the Government to support policy formulation, facilitate investments and ensure that economic growth translates into jobs, resilience and prosperity for the people of Jammu & Kashmir.(KNS)