ICC Jammu Submits Comprehensive Budget 2026–27 Proposals to CM Omar Abdullah, Seeks Industry-Led Growth for J&K
Jammu, 27-01-2026: The Indian Chamber of Commerce (ICC), Jammu Chapter, under the leadership of its Chairman Mr. Rahul Sahai, presented a comprehensive memorandum to the Hon’ble Chief Minister of Jammu & Kashmir, Jenab Omar Abdullah Sahab, during the stakeholders’ interaction on Budget 2026–27 held in Jammu. ICC appreciated the revival of the long-standing tradition of pre-Budget consultations and expressed confidence that such participatory governance would help Jammu & Kashmir emerge as a revenue-surplus Union Territory while fostering inclusive growth and economic stability.
A major focus of the submission was the need for a pragmatic and fiscally balanced New Industrial Policy that supports existing industries, encourages expansion, and attracts new investments. For existing industries, ICC proposed introduction of a turnover-linked incentive of 3% for micro and 2% for small and medium enterprises with an annual cap, a 5% working capital subsidy to offset the expiry of NCSS benefits in 2026, continuation of SGST reimbursement under SRO-31 till 2031 and above , 6% interest subsidy on term loans for modernisation and solar installations, and appropriate capital subsidy for adoption of renewable energy. For units undertaking substantial expansion, ICC recommended extending turnover and working capital incentives to the expanded capacity, continuation of SGST refunds for both existing and new activities, 6% interest subsidy on expansion-linked term loans with higher caps, and a simplified capital subsidy of up to 35% on machinery and solar plants with a higher ceiling and clearer definition of eligible components. For new industrial units, ICC suggested turnover incentives, working capital subsidy, long-term SGST refunds linked to plant and machinery with simplified definitions, capital subsidy up to 35%, and interest subsidy on term loans, all aimed at improving project viability and reducing early-stage stress.
The Chamber also strongly advocated for a blanket exemption of stamp duty and court fee for industrial transactions, including enhancement or takeover of credit facilities, change or addition of product lines, and transactions involving leasehold land and assets within government industrial estates. ICC emphasized that a single registration with the Industries Department should suffice to avail such waivers, thereby removing ambiguity, reducing costs, and improving ease of doing business.
Beyond industry, ICC’s memorandum covered IT infrastructure development through city-based IT parks, promotion of sports and exhibition-led economic activity, strengthening of social infrastructure including parking, housing, and skill development, and focused measures to boost tourism in Jammu through facilitation centres, digital promotion, improved connectivity, and policy reforms in hospitality.
ICC reaffirmed its commitment to work closely with the Government of Jammu & Kashmir and to actively support implementation of policies that ensure sustainable, balanced, and employment-oriented growth across the Union Territory.
