KCCI dismayed as no specific provision regarding JK in the union budget

Srinagar: The Kashmir Chamber of Commerce and Industry (KCC&I) while reacting on the Union Budget said that no specific announcement was made regarding Jammu and Kashmir.

In a statement, the President KCCI Javed Ahmed Tenga said that the Chamber was expecting that the Union Finance Minister will make necessary provisions to bear the cost of return of J&K based Power projects by NHPC to the state as a part of compensation for Indus water usage.

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“The Kashmir Chamber of Commerce & Industry has long been demanding for provision to be made in the union budget for investment insurance and to provide security for the investment made by the outsider investors in Kashmir, as it being conflict zone, the investors are not otherwise willing to invest in the valley,” read the KCCI statement.

The Chamber also expressed dismay that nothing has been offered to compensate the heavy losses incurred during the 2014 deluge.

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“It needs to be mentioned that Kashmir suffered massive business and infrastructure losses in 2014 floods. The state Government gave a preliminary estimate of losses to the tune of Rs. 44000 crores to the Government of India so as to ensure rehabilitation of business and other activities but to our dismay nothing towards that has been provided in this budget,” the statement added.

The Chamber however appreciated the provisions made for the health and education sectors of the country.

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