Welfare measures good, business support missing in Budget: KTMF

Srinagar, Mar 8: Kashmir Traders & Manufacturers Federation (KTMF) has acknowledged welfare measures in Chief Minister Omar Abdullah’s budget while criticising its failure to address critical business concerns amid ongoing economic challenges.

KTMF President Mohammad Yaseen Khan welcomed several initiatives providing relief to common people, including 200 free electricity units, 10 kg free ration, free travel for women, stamp duty relief, and enhanced marriage assistance.

“These measures reflect efforts to address pressing needs of economically weaker sections,” Khan said. “However, the budget could have done more to address the concerns of the trading and business community.”

Khan, who also heads Kashmir Economic Alliance (KEA), highlighted that businesses in Jammu & Kashmir have faced multiple challenges in recent years, including economic disruptions, declining market confidence, and financial constraints.

“This budget was expected to introduce specific measures to revive local trade, support small businesses, and provide relief to industrial sectors, but it falls short in these areas,” he stated.

The KTMF President noted that many businesses continue struggling with financial constraints, expressing disappointment over the absence of tax relaxations, interest subsidies, or special loan schemes. The business community had also expected reforms in banking support, credit access, and GST compliance relief.

“Another key issue is the need for infrastructure development and market expansion,” Khan added. “While stamp duty relief is a welcome step, more needs to be done to modernize markets, improve digital trade access, and create export opportunities for local businesses. Without such initiatives, the region’s economic potential remains untapped.”

KTMF has urged the government to consider a supplementary policy package focused on economic growth and trade development, emphasizing that while social welfare is important, sustainable development requires a strong business ecosystem that generates employment and revenue.

The federation has called for pro-business policies, financial relief for struggling traders, and initiatives to promote Kashmir’s traditional industries like handicrafts and horticulture.