J&K heading towards economic activities, expectations rise in Budget

J&K heading towards economic activities, expectations rise in Budget

Agency News

New Delhi, Jan 16 : Jammu and Kashmir has now turned towards the economic activities and with 'the business as usual' now, a prominent business chamber has said and it also submitted an economic rejuvenation plan to the Finance Ministry. The newly carved out Union Territory could also expect funds to expedite its transport activities, educational institutions and markets, said PHD CCI president Dr D K Aggarwal.

A delegation of PHD Chamber of Commerce and Industry met Minister of State for Finance Anurag Singh Thakur and submitted an economic rejuvenation plan consisting of a 20 point agenda for economic development and employment generation for the newly formed union territory. The suggestions included deferment of EMI till March 2020 and interest subvention for all business loans for three years with effect from August 2019 and Income Tax exemption for 5 years.

The business chamber also suggested that all 372 points of Business Reform Action Plan (BRAP) issued by Department of Industrial Policy and Promotion (DIPP), Government of India should be implemented in J&K on priority to rejuvenate the growth trajectory of Jammu & Kashmir. Dr Aggarwal and its Kashmir Chapter Chairman Baldev Singh met Mr Thakur and requested to consider of the suggestions given to rejuvenate the Industry in Kashmir and visit the Valley in the next 10 days. The immediate intervention suggested for economic development in the UT included roll-back of 9 per cent registration or road tax on New vehicles in automobile sector, lending by banks to all SMEs.

Large borrowers needed to be structured for 15 years in J&K and suggested amnesty extension from previous tax regime – VAT for three years, deceleration of Kashmir valley as Special Economic Zone (SEZ) among others, said Dr Aggarwal. To enhance the engagement of the youth population and generate employment in J&K, the Chambers made suggestions like that time bound single window clearance for all projects, services, cable car projects at Shankeracharya Temple, Pahalgam, Dodpathri and Sonmarg, reviewing of Srinagar Master Plan in line with Srinagar Smart City Project, among others. (UNI)