Kashmir business leaders to participate in pre-budget consultations with Omar-led govt today

Srinagar, February 11: All major business and industrial chambers of Kashmir are going to take part in pre-budget consultations with Chief Minister Omar Abdullah and top bureaucrats of Jammu and Kashmir.

Scheduled for today at 3 PM at the Civil Secretariat, this will be the first time business representatives will join hands with the elected members of the National Conference (NC)-led government to shape the Union Territory's first budget by the elected government. Prior to this, since downgrading of J&K to UT, Union Finance Minister used to present J&K's Budget.

Such significant dialogue has come in the wake of National Conference government preparations for its first-ever presentation of the budget in March and Kashmir's stakeholders calling for an all-inclusive revival package to meet the prevailing economic challenges in the Valley.

Prominent organisations such as the Kashmir Chamber of Commerce and Industry (KCCI), Federation of Chambers of Industries of Kashmir (FCIK), PHD Chamber of Commerce and Industry (PHDCCI) Kashmir, Confederation of Indian Industry (CII), and Kashmir Traders and Manufacturers Federation (KTMF) are attending the consultations, bringing forth diverse demands that reflect the pressing economic realities of the region.

Business leaders are expected to push for tailored financial assistance for struggling small and medium enterprises (SMEs), simplified credit access, and region-specific investment incentives. "The economic struggles we face can't be ignored anymore. We need a revival package that ensures sustainable growth while addressing immediate financial stress," said a leading industrialist.

Among the concerned groups is the fruit-growing community, which has incurred heavy losses due to erratic weather and volatile market prices. Representatives from the Fruit Growers' Association are urging the introduction of crop insurance to safeguard against recurring risks. "Crop insurance is essential for our survival," a spokesperson for the association emphasized.

These, in turn, also hint at inefficiencies on the side of the banking sector.

The final hour counts for the government, which would look to absorb each of Kashmir INC's issues presented before 3 PM today.