The Kashmir Chamber of Commerce and Industries President, Mr Javid Ahmad Tenga while reacting on the Union Budget said that there is nothing in J&K specific in this budget.
The spokesman quoted the president saying “we were expecting the Union Finance Minister to make necessary provisions in this budget to bear the cost of return of J&K based Power projects by NHPC to the state and as a part of the compensation for Indus water usage.”
The spokesman said Kashmir Chamber of Commerce & Industry has been demanding for provision to be made in the union budget for investment insurance to provide security for the investment made by the outsider investors in Kashmir, as it is a conflict zone, the investors are not otherwise willing to invest in Kashmir.
It needs to be mentioned that the Kashmir suffered massive business/ infrastructure losses 2014 floods; the State Government gave a preliminary estimate of losses to the tune of Rs. 44000/- crores to Union government so as to ensure rehabilitation of business and other activities but to our dismay, nothing towards that has been provided in this budget.
We, however, appreciate the provisions made for the health and education sectors of the country, the spokesman added.