Jammu: The Jammu and Kashmir government has set its sights on an allocation of ₹20,000 crore for the region’s development ahead of the Union Budget proposal in Parliament tomorrow.
The business community represented by Arun Gupta, President of the Jammu Chamber of Commerce and Industry, has brought forth some of the requests directly concerning economic development and industrial growth in J&K.
Speaking exclusively with The News Now, Arun Gupta was of the view that the budget is most essential for industries, tourism, and overall business development.
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He said that, historically, Prime Minister Narendra Modi had been more concerned about the economic upliftment of Jammu and Kashmir, particularly for the youth. A dedicated package for startups and existing industries has become the immediate necessity so that long-term economic sustenance can be ensured.
Gupta further mentioned that the Chamber is seeking the removal of the 45-day payment regime imposed by the Finance Ministry, which stipulates that payments should be cleared in 45 days; otherwise, they will be added to taxable income.
According to Gupta, MSMEs and traders are being adversely affected by this rule, consequently impairing the financial stability of their business operations.
Talking about tourism, he adds, there is a need for the construction of a project of similar magnitude and height along the lines of the Statue of Unity in Gujarat for greater tourist attraction and extended stay in Jammu.
