Tuesday, May 21, 2024

Economy in shambles since Aug 2019: CCIK

Infuse substantial capital in Kashmir economic sectors in Union Budget: Ghani

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Associated Chamber of Commerce and Industry Kashmir (CCIK) has urged government of India to extend special financial assistance to Jammu and Kashhmir in its Union Budget following the back to back losses it suffered August 2019.

In a statement, CCIK President Tariq Rashid Ghani said after reducing J&K to union territory, the Union Government had promised fast paced economic development in the region which has noted happened due to repeated lockdowns since Abrogation of Article 370.

“We were badly hit by the lockdown imposed after Article 370 abrogation. Then the Covid struck the world which has not helped the business community to rebuild. The government needs to announce unprecedented financial package to Jammu and Kashmir to generate the economic growth,” said Ghani.
He said the agriculture, horticulture, handicrafts, tourism, traders, small business units and new atart ups need fresh capital infusion to catapult the growth of the Union Territory.

“Government of India has to keep Jammu and Kashmir in special category since no economic growth took place since Aug 2019. Unless there is huge capital infusion to various economic sectors, the economic activities may not jump start to required levels,” said CCIK President.
CCIK said government needs to announce tax holiday for J&K, waive off interest accumulated since Aug 2019, interest subvention scheme, fresh capital on low rate of interest, GST holiday, moratorium of two years on fresh loans, reservation in tenders at all India level to local entrepreneurs.

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