Chamber presents targeted recommendations for economic revival in Jammu & Kashmir
SRINAGAR: A delegation from the Kashmir Chamber of Commerce and Industry (KCCI), led by Senior Vice President Ashiq Hussain Shangloo, Secretary General Faiz Bakshi, and Past President Mushtaq Ahmad Wani, participated in a pre-budget consultation meeting chaired by Hon’ble Chief Minister Omar Abdullah at the Civil Secretariat.
The Chamber, according to a KCCI statement issued here, presented a comprehensive set of recommendations aimed at reviving struggling businesses, boosting employment, and fostering industrial growth in Jammu & Kashmir (J&K).
Before the meeting, KCCI’s senior leadership held discussions with key government officials, including the Commissioner Secretary of Industries & Commerce, DG Codes Finance Department, DG Budget, and the GeM Coordinator J&K, to ensure alignment of financial policies with the region’s industrial needs.
Key Focus Areas and Recommendations
1. Addressing Unemployment in J&K
J&K faces an alarming unemployment rate exceeding 17 lakh individuals, particularly among educated youth. To tackle this crisis, the government should:
. Allocate funds for job-creating sectors.
. Encourage private sector investments.
. Support startups & entrepreneurship.
. Strengthen skill development initiatives.
2. Reviving the Handicrafts Industry
The handicrafts sector, once the second-largest employer after agriculture, has suffered major setbacks since 2014. KCCI proposes:
. Increased incentives for Geographical Indication (GI) products.
. Establishment of an International Exhibition Mart to boost exports.
. Marketing and global outreach to revive lost demand.
3. Strengthening the Tourism Sector
Tourism remains a key economic driver for J&K. KCCI recommends:
. Infrastructure Development – Improve tourist facilities, transport, and eco-tourism hubs.
. Adventure Tourism – Promote activities like trekking, rafting, and skiing.
. Houseboat Preservation – Declare houseboats as a protected heritage.
. Global Branding – Market Kashmir as a premium national & international tourism destination.
. Heritage Tourism – Develop Downtown Srinagar (Shehr-e-Khas) as a cultural hub.
4. Boosting Agriculture & Horticulture
Agriculture contributes 16.5% to J&K’s SGDP and can grow to 30% with the right policies. Key recommendations:
. Crop Insurance Scheme – Introduce comprehensive insurance coverage.
. Horticulture Expansion – Develop new areas for apples, cherries, walnuts, almonds, and other fruits.
. Cold Storage Facilities – Expand temperature-controlled warehouses & transport trucks.
. Food Processing Units – Set up processing & packaging centers to reduce wastage.
. Promote Organic Kashmiri Produce – Increase exports and branding.
5. Reviving the Industrial Sector
KCCI calls for special attention to industrial revitalization, with a focus on:
. Reviving Sick Units – Financial assistance & restructuring for struggling industries.
. Fast-Track Implementation of J&K Procurement Policy 2024.
. Developing New Industrial Estates – Simplify land acquisition & business registration.
. Ease of Doing Business – Cut bureaucratic red tape to attract investment.
6. Encouraging Startups & Entrepreneurship
To boost self-employment and innovation, KCCI suggests:
. Startup Funding – Offer special grants & low-interest loans.
. Dedicated Incubation Centers – Establish hubs for new businesses.
. Women Entrepreneurship Support – Prioritize funding for women-led startups.
7. Skill Development & Job Creation
KCCI stresses the need to shift focus from degrees to skills, proposing:
. Vocational Training Programs – Strengthen technical & professional training institutes.
. IT & BPO Job Creation – Develop IT hubs for software, outsourcing, and digital jobs.
. Corporate Collaborations – Partner with business houses to create employment.
8. Modernizing Water & Irrigation Systems
With climate change impacting water resources, KCCI proposes:
. Modern irrigation techniques to reduce water wastage.
. Smart water management systems for sustainable agriculture.
9. Strengthening Dairy, Poultry & Fisheries
J&K imports poultry worth ₹2,500 crores annually. KCCI recommends:
. Subsidizing modern poultry farms to reduce imports.
. Develop trout farms in Kokernag, Gurez, and Pahalgam.
. Expand fish hatcheries to boost production.
10. Boosting General Trade
Retail & trade sectors need budgetary support for:
. Warehousing & transportation improvements.
. Simplifying GST compliance.
. Incentives for traders & wholesalers.
11. Ensuring Environmental Sustainability
Given rising global temperatures, KCCI highlights:
. Wetlands conservation & afforestation.
. Solar Power Subsidies – Encourage commercial adoption of solar energy.
12. Strengthening Healthcare Infrastructure
. Expand public health facilities across J&K.
. Increase healthcare investments & medical research.
13. Revamping Education
. Upgrade government schools – Many lack basic civic amenities.
. Vocational training & tinkering labs – Bridge the skill gap.
14. Resolving NPA Crisis & Financial Relief
KCCI calls for government intervention in rehabilitating businesses impacted by NPAs, proposing:
. Relief packages for struggling businesses.
. Amnesty for Commercial Power Consumers – Extend benefits already given to domestic users.
15. Revitalizing the Poultry Sector
J&K’s poultry production has dropped by 300%, leaving only 25% of demand met locally. KCCI suggests:
. Investment in modern poultry farming to revive employment.
16. Sector-Wise Focus for Growth
Agriculture:
Challenges: Poor infrastructure, lack of technology, limited market access.
Priorities: Boost rural infrastructure, modern farming, and market linkages.
Services:
Challenges: Tourism instability, weak healthcare infrastructure.
Priorities: Diversify tourism, expand healthcare, modernize education.
Industry:
Challenges: Low investments, infrastructure gaps, complex regulations.
Priorities: Offer incentives, improve infrastructure, simplify rules.
Tourism:
Challenges: Seasonal dependency, poor infrastructure, safety concerns.
Priorities: Promote year-round tourism, enhance facilities, ensure safety.
Trade:
Challenges: Logistical constraints, limited markets, difficult regulations.
Priorities: Improve logistics, market connectivity, and ease trade rules.
Finance:
Challenges: High NPAs, limited credit, low financial literacy.
Priorities: Fix NPAs, improve credit access, promote financial education.
Cross-Sectoral Needs:
Stable policies, PPPs, skill development, digital infrastructure expansion.