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| ICC terms Budget progressive, stable; hopeful of robust new industrial policy | | |  Early Times Report
JAMMU, Feb 6: The Indian Chamber of Commerce (ICC), Jammu Chapter, has welcomed the Jammu & Kashmir Budget 2026-27 presented by Hon'ble Chief Minister and Finance Minister Shri Omar Abdullah, describing it as progressive and fiscally stable in spite of limited funding availability, and reflective of a balanced and reform-oriented approach to governance.
While attending the budget session in J&K legislative assembly in speakers gallery and Reacting to the Budget, ICC Chairman Jammu, Rahul Sahai, said that the government has demonstrated fiscal prudence and strategic prioritisation while addressing development needs amid economic constraints, security challenges and recent natural calamities.
Sahai appreciated the focus on capital expenditure, infrastructure creation and governance reforms, particularly the inclusion of Jammu & Kashmir under the Special Assistance to States for Capital Investment (SASCI) scheme, which provides long-term interest-free funding for infrastructure and disaster mitigation. He said that sustained investment in power, roads, health, education, agriculture, tourism, skilling and employment generation will help stabilise the economy and create long-term growth opportunities across the Union Territory.
Referring to the industrial and MSME sector, Sahai noted that the Budget acknowledges the strong industrial performance achieved in recent years, including increased investments, job creation, startup growth and improved Ease of Doing Business rankings. He welcomed the proposed amendments to the J&K Industrial Policy 2021-30 aimed at sustaining industrial growth beyond the NCSS scheme. However, he emphasised that industry now looks forward to a robust, clearly defined and forward-looking industrial policy that supports both existing and new industries.
"The Budget is progressive and stable despite limited fiscal space, but industry expects a robust new industrial policy for existing as well as new units, at par with the incentives, certainty and long-term support offered under the NCSS scheme. Existing industries require structured turnover-linked incentives, rationalisation of power costs, logistics support and continuity in policy to remain competitive and expand operations," Sahai said.
He further stated that a strong and competitive industrial ecosystem is essential for employment generation, youth engagement and balanced regional development. Enhanced allocations for power development, physical connectivity, Mission YUVA, skilling, tourism diversification and MSME support were welcomed, as these sectors together create a multiplier effect for economic revival. Sahai reiterated that with effective execution and timely announcement of an industry-friendly industrial framework, Jammu & Kashmir can emerge as a preferred investment destination and a model of sustainable and inclusive economic growth. |
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