Reacting on the GoI Budget, President, Kashmir Chamber of Commerce and Industry (KCCI), Javid Ahmad Tenga said that there was nothing specific to Jammu & Kashmir in Budget.
“We were expecting the Union Finance Minister to make necessary provisions in this Budget to bear the cost of return of J&K based Power projects by NHPC to the state and as a part of compensation for Indus water usage,” Tenga said in a statement issued here.
The Kashmir Chamber of Commerce & Industry has long been demanding for provision to be made in the GoI Budget for investment insurance “to provide security for the investment made by outsider investors in Kashmir, as it is conflict zone, the investors are not otherwise willing to invest in Kashmir”, the statement read.
“Kashmir suffered massive business/infrastructure losses in 2014 floods; the state government gave a preliminary estimate of losses to the tune of Rs. 44,000/- crores to government of India so as to ensure rehabilitation of business and other activities but to our dismay nothing towards that has been provided in this Budget,” the statement added.
The chamber, however, has appreciated the provisions made for the health and education sectors of India.