SRINAGAR: The Federation of Chambers of Industries Kashmir (FCIK) has termed the GoI Budget 2018 as “balanced and encouraging” even though it does not contain any proposal specific to the state.
To assess the pros and cons of the Budget presented by the Inida’s Finance Minister in the Parliament on Thursday, a meeting of the administrative council was held under the chairmanship of FCIK President Mukhtar Yousuf, an official statement issued here read.
The council, according to the statement, observed that the Budget “lacked initiatives and proposals” that were badly required by the economic sectors of the state for their turn around and growth.
“A long pending demand of extending tax holiday to the state and declaring it as free economic zone has yet again been ignored and denied,” the statement read.
The trade chambers here have now been making this demand for decades owing to the turbulent and un-conducive business environment with frequent interruptions. The FCIK criticised, holding the state government responsible for “not pursuing this genuine case of the people with seriousness”.
The FCIK while welcoming the initiatives taken for intended revival of MSME sector termed these “insufficient” given the amount of distress these have been presently through.
“FCIK, however, is hopeful that the general proposals in the Budget may also benefit the state if the schemes are implemented.”
FCIK also criticised the finance minister for “betraying the middle class” for not affording any major and expected relief to them in taxes.
“FCIK also maintains that all the proposals and schemes announced are subject to their implementation on ground which has remained a question mark all along,” the statement added.