SRINAGAR: The Kashmir Traders and Manufacturers Federation (KTMF) has acknowledged the budget presented by Chief Minister and Finance Minister Omar Abdullah and welcomed the government’s initiatives aimed at providing relief to the common people. In a statement, KTMF President Mohammad Yaseen Khan said several measures, such as the provision of 200 free electricity units, 10 kg free ration, free travel for women, stamp duty relief, and enhanced marriage assistance, demonstrate an effort to support economically weaker sections of society.
Khan, who also heads the Kashmir Economic Alliance (KEA), stated that while these welfare measures are appreciated, the budget falls short in addressing the concerns of the business community. He noted that businesses in Jammu & Kashmir have been struggling due to economic disruptions, declining market confidence, and financial constraints. Expectations were high for budgetary measures that would provide relief to traders, support small businesses, and boost industrial growth. However, Khan expressed disappointment over the absence of tax relaxations, interest subsidies, or special loan schemes, which he said were crucial for the revival of local trade. Additionally, the business community had anticipated reforms in banking support, credit access, and GST compliance relief, which were not included in the budget.
Khan also highlighted the need for infrastructure development and market expansion. While the stamp duty relief is a positive step, he stressed that more needs to be done to modernise markets, enhance digital trade access, and create export opportunities for local businesses. Without such initiatives, he warned, the economic potential of the region would remain underutilised.
KTMF has urged the government to consider introducing a supplementary policy package focusing on economic growth and trade development. While acknowledging the importance of social welfare, Khan emphasised that sustainable development depends on 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, including handicrafts and horticulture.
