JK hopes Budget will help boost economy

As the BJP-led government at the Centre will present its third Budget tomorrow, the business community in the state is waiting for some state specific announcements which will help revamp the economy of Jammu and Kashmir post the floods in September 2014.
Already miffed over the Centre’s ‘failure’ to rehabilitate the flood victims and the delay in extending the Central package for industries by the successive governments, the Jammu region and the Kashmir valley are hoping that Union Finance Minister Arun Jaitley will bring cheer to the people in J&K, especially the traders.
The business community says even though Prime Minister Narendra Modi had announced an economic package for J&K during a rally in Srinagar in November last year, there was need for short-term announcements to end the gloom.
Former president, Bari Brahmana Industrial Association, Annil Suri hoped that the Union Budget would fulfil the long-pending demand of extending benefits of the Central package. “Though the successive budgets have ignored the industrial sector in the state, we hope the revival of central excise exemption and income tax holiday will be announced, essential for the revival of business in J&K,” said Suri.
President, Chamber of Commerce and Industry, Jammu, Rakesh Gupta sais he was waiting for a uniform trade policy for the country, including Jammu and Kashmir, to give a boost to the economy of J&K.
“The successive governments in the country have not announced any trade policy. Arun Jaitley should take the initiative. There is economic slowdown in the state post the floods. There should be some trade specific announcements for J&K,” said Gupta.
However, Mohammad Yaseen Khan, chairman of the Kashmir Economic Alliance, an amalgam of various trade bodies, said the people of the Valley did not have many expectations from the Budget.
“We have no expectations from the Budget as it (Centre) has done nothing for us. We continue to face difficulties as the Centre failed to suitably rehabilitate us after the 2014 floods. New Delhi does not care for this part of the world (Kashmir). Despite several pleas, we only faced disappointment,” said Khan.
Kashmir Chamber of Commerce and Industry president Mushtaq Ahmad Wani said despite getting an assurance from the Centre, their demands vis-à-vis rehabilitation of the flood-affected businessmen were yet to be met.