PHDCCI hails J&K budget as a visionary roadmap for inclusive economic growth
SRINAGAR, MARCH 08: The PHD Chamber of Commerce and Industry (PHDCCI) has welcomed the first budget presented by the elected Chief Minister of the Union Territory of Jammu & Kashmir, describing it as a comprehensive and inclusive financial plan that effectively allocates resources across all sectors despite existing revenue constraints. PHDCCI Chairman A.P. Vicky Shaw commended the budget for its balanced approach, emphasizing that it incorporates several key recommendations put forth by the Chamber during pre-budget consultations. He expressed confidence that the provisions outlined in the budget will stimulate economic growth, empower local industries, and promote sustainable development across J&K.
The budget introduces a new procurement policy that grants price preference to local Micro, Small, and Medium Enterprises (MSMEs), aiming to boost entrepreneurship and economic activity. To support the region’s artisans, PM Unity Malls will be established in Srinagar and Jammu, providing direct market access and enhancing their earnings while preserving traditional crafts. A Multi-Stakeholder Advisory Committee will be constituted to address policy issues and ensure an inclusive, participatory approach to governance. Additionally, the government will streamline SGST reimbursement and turnover-based incentives to create a more efficient system for businesses.
In a major step toward environmental sustainability, a bio-remediation project for waste management in Achan, Srinagar, has been proposed to tackle urban sanitation challenges. The wool industry is set to receive a significant boost through the introduction of advanced wool processing technologies, training programs for entrepreneurs, and a policy framework aimed at attracting private and corporate investments in wool processing mills. The tourism sector will benefit from a comprehensive homestay development policy, which will be implemented across districts and aligned with government schemes like PMEGP and PM Surya Ghar Yojana to encourage rural and sustainable tourism.
The government has also prioritized the cooperative sector by allocating financial assistance and introducing free bus services for women, enhancing their accessibility and mobility. To further strengthen trade and exports, ₹18 crore has been earmarked for the Jammu & Kashmir Trade Promotion Organization (JKTPO), ensuring better market linkages and economic expansion.
Hailing the government’s vision, Shaw emphasized that the budget lays a strong foundation for long-term development while addressing immediate economic and social challenges. He expressed optimism that the initiatives will create new employment opportunities, empower marginalized communities, and enhance industrial competitiveness in J&K. He further stated that this budget is a testament to the government’s commitment to inclusive and sustainable development, reflecting the aspirations of the people and providing a clear roadmap for the region’s progress. The PHDCCI remains committed to working alongside the government to ensure effective implementation of these initiatives, paving the way for a prosperous and self-reliant Jammu & Kashmir.
