PHDCCI Kashmir submits pre-budget proposals, seeks reforms to boost investment, jobs
Srinagar, Jan 23: The PHD Chamber of Commerce and Industry (PHDCCI), Kashmir Chapter, on Tuesday submitted a detailed set of pre-budget recommendations to the Chief Minister of Jammu and Kashmir, outlining a roadmap aimed at accelerating economic growth, attracting investment and strengthening local enterprises.
A delegation led by PHDCCI Kashmir Co-Chair Himayu Wani and Deputy Director Iqbal Fayaz Jan presented the proposals, which focus on providing relief to businesses affected by post-2019 disruptions, simplifying regulatory frameworks and channelising investment into high-potential sectors such as tourism, information technology and MSMEs.
The chamber called for a one-time relaxation in credit scoring norms for entrepreneurs impacted since 2019 and urged the UT administration to take up the matter with the Reserve Bank of India. It also sought rationalisation of Change of Land Use (CLU) procedures to reduce approval timelines and facilitate faster project implementation.
Among other key demands, PHDCCI pressed for extension of the J&K New Central Sector Scheme (NCSS), including an expanded registration window and enhanced funding to tap pending investor interest. It also underscored the need for adequate and timely budgetary allocation for effective implementation of the J&K Industrial Policy 2021–30, particularly for infrastructure development, subsidies and job creation.
To strengthen local enterprises, the chamber proposed mandating all UT departments and public sector undertakings to source at least 30 per cent of their annual procurement from local MSMEs, supported by an improved market linkage mechanism. It also recommended setting up a plug-and-play technology centre for the IT sector with subsidised utilities, either by repurposing defunct buildings or creating new infrastructure, linked with employment commitments for local youth.
In the tourism sector, PHDCCI suggested adoption of a homestay and tourism subsidy model on the lines of Meghalaya, combining central and UT support, to promote homestays, tour operators and culinary start-ups, particularly in rural areas. The chamber also sought enhanced exhibition and marketing support, including budgetary allocation to JKTPO for sponsoring MSMEs and artisans at national and international fairs, and support to industry bodies for organising trade expos.
Other recommendations included encouraging private investment in boarding schools, drawing from models in Uttarakhand and Himachal Pradesh, to strengthen educational infrastructure and attract students from across the country, and reserving a portion of land in the proposed Medicity for the broader service sector to ensure diversified and optimal utilisation.
Speaking on the submission, PHDCCI Kashmir Co-Chair Himayu Wani said the recommendations strike a balance between immediate relief and long-term structural reforms. “From credit relief and easier land-use rules to stronger support for MSMEs, tourism and IT, these measures can significantly improve the ease of doing business, promote local entrepreneurship and generate employment,” he said.
The chamber expressed hope that the incorporation of these proposals in the upcoming budget would provide a strong push to economic revival and inclusive growth in Jammu and Kashmir.
