JAMMU, Jan 15: The Union Territory (UT) of Jammu and Kashmir has now turned towards the economic activities and the business as usual now. The transport activities, educational institutions, markets etc. are in the normal course of work, said Dr D K Aggarwal, President PHD Chamber of Commerce and Industry, in a press statement issued here today.
PHD Chamber of Commerce and Industry today met MoS Finance and Corporate Affairs Anurag Singh Thakur to submit an economic rejuvenation plan, consisting of a 20 point agenda, for economic development and employment generation in the Union Territory of Jammu and Kashmir.
The suggestions on deferment of EMI till March 2020 and interest subvention for all business loans for 3 years with effect from August 2019, Income Tax exemption for 5 years, all 372 points of Business Reform Action Plan (BRAP) issued by Department of Industrial Policy and Promotion (DIPP), Government of India should be implemented in J&K on priority, among others have been submitted to rejuvenate the growth trajectory of Jammu and Kashmir.
Dr D K Aggarwal and PHDCCI Kashmir Chapter Chairman, Baldev Singh along with Mushtaq Ahmad Chaya Mentor Kashmir Chapter and Showket Ahmad Chowdhury State Expert Committee Chairman of Kashmir Chapter were enthused meeting Anurag Singh Thakur, Minister of State (MoS) Finance and Corporate Affairs, Ministry of Finance who suggested consideration of the suggestions given to rejuvenate the Industry in Kashmir and to visit Kashmir in the next 10 days.
The immediate intervention suggested for economic development in the UT includes roll-back of 9 per cent registration/ road tax on new vehicles in automobile sector, lending by banks to all SMEs and large borrowers needs to be structured for 15 years in J&K, amnesty extension from previous tax regime VAT for 3 years, deceleration of Kashmir valley as Special Economic Zone (SEZ) among others, said Dr Aggarwal.
“To enhance the engagement of the youth population and generate employment in J&K we suggest that time bound single window clearance for all projects, services, cable car projects at Shankeracharya Temple, Pahalgam, Dodpathri and Sonmarg, reviewing of Srinagar Master Plan in line with Srinagar Smart City Project, among others”, added Dr D K Aggarwal.