Kashmir's Apex Trade Body Expresses Concern Over Absence Of Special Package For J&K In Union Budget

SRINAGAR: The Kashmir Chamber of Commerce and Industry (KCCI) has expressed a mix of optimism and concern over the absence of a special financial package for Jammu and Kashmir in the Union Budget 2025-26. The chamber's general secretary, Faiz Ahmad Bakshi, said that despite some commendable initiatives, the Valley faces pressing needs for revival and infrastructural development that require a tailored approach.

In his statement, Bakshi expressed concern over the reduction of central assistance to J&K by over ₹1,000 crore, which he felt could significantly impact the region's economic development trajectory. However, he also commended some measures, such as the introduction of an income tax exemption for individuals with an annual income up to ₹12 lakh, which is expected to provide relief to middle-class citizens.

The KCCI welcomed a new scheme aimed at supporting 5 lakh first-time entrepreneurs, focusing on women, Scheduled Castes, and Scheduled Tribes. Bakshi appreciated the provision of term loans up to ₹2 crore over five years, saying it would empower many residents to launch their ventures, promoting innovation and economic diversification.

Bakshi emphasized that while some welcome measures were included in the budget, the region desperately needs a dedicated package to address its unique issues, particularly high unemployment. KCCI's call for increased central allocation remains a key demand in J&K, with stakeholders looking forward to this year's Union Budget for significant support for the region's economic revival.

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