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Not much in the budget for Kashmir

Mar '07

The union budget 2007-08 has fallen short of proposals put up for development of trade and industry in Kashmir.

Union Finance Minister P Chidambaram proposed tax holiday for undertakings in Jammu and Kashmir by another five years up to March 31, 2012.

Except for tax holiday, state of Jammu and Kashmir which was suffering from industrial backwardness was not offered much, industrialists said.

“The extension of tax holiday was our long demand and by doing it the centre has only fulfilled the commitment it had since long made to the entrepreneurs. There is however nothing in the budget that could ensure the overall revival and development of moribund industry in Kashmir,” said joint secretary Federation Chamber of Industries Kashmir.

The state was expecting some major power projects in central sector to boost industry as Kashmir was facing losses due to power shortage, he said.

The budget would encourage investors from outside state to invest in Kashmir, said Dr Mubeen Shah President, Kashmir Chamber of Commerce and Industry, while welcoming extension of tax holiday.

Extending funding for modernization of textile, handicraft and other industries is a positive sign in budget, he said.

Earlier the state government failed to benefit from modernization funds but hopefully funds will now be utilized for revival of silk and handicraft sector.

The private public partnership in industrial sector, proposed in the budget will help our industry, Mubeen said.

He said these three points that was suggested generally in the budget would hopefully help industry in Kashmir.

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