Traders and political parties in Jammu and Kashmir on Tuesday described the Centre’s budget announcement of ₹35,581 crores for the Union Territory, on account of its revenue component, as “disappointing” and “far below the expectations”.
Out of ₹35,581 crores for J&K, ₹33,923 crores have been allocated to meet the revenue deficit and resource gap. Besides, ₹279 crores were allocated as grants for disaster response fund, ₹273 crores for rehabilitation of the Dal and Nageen lakes, ₹476.44 crores grant towards equity contribution for the 624 MW Kiru power project and ₹500 crores support for capital expenditure.
“We were expecting big announcements for the revival of businesses. Till the present businesses in J&K are not offered a hand holding, unemployment will only go up. We expected special schemes for local entrepreneurs,” Kashmir Chamber of Commerce and Industries (KCCI) president Sheikh Ashiq said.
