“Budget 2024: A Roadmap for Economic Revival : Altaf Dar, President JKBC, Highlights the Needs of J&K’s Business Community”.

GNSONLINENEWSPORTAL

Budget 2024: What J&K’s Traders Expect Insights by Mohammad Altaf Dar, President, Jammu and Kashmir Business Confederation (JKBC)

SRINAGAR NOV 27:– In the wake of the Budget 2024-25, Mohammad Altaf Dar, President of the Jammu and Kashmir Business Confederation (JKBC), has called for targeted measures to address the pressing challenges of J&K’s trading and business community.

Altaf Dar acknowledged the government’s intent to drive economic growth but stressed that the region’s unique socio-economic dynamics require customized solutions to foster sustainable development. Speaking on behalf of the traders, he outlined the following key expectations:

As GST Simplification – Streamlining GST compliance and introducing lower tax slabs for SMEs to reduce operational bottlenecks, thereby encouraging entrepreneurial growth.

Tax and Financial Relief – Implementation of tax rebates and financial incentives for small and medium enterprises (SMEs) to help businesses recover from pandemic-induced setbacks and inflationary trends.

Infrastructure Development – Investment in improving transport connectivity, building logistics hubs, and establishing cold storage chains to enhance trade efficiency in the region.

Tourism Sector Boost – Allocation of special grants and packages to revive J&K’s tourism industry, ensuring job creation and improved livelihoods for those dependent on this vital sector.

Access to Affordable Finance – Availability of low-interest loans, flexible repayment options, and financial support for renewable energy initiatives to reduce overhead costs and promote sustainability.

President JKBC -Jammu And Kashmir Business Confederation also emphasized the importance of inclusive growth through skill development programs, empowering local entrepreneurs to compete in the global market. He urged the administration to engage with local business leaders in designing policies that reflect the ground realities of J&K’s economy.

“Budget 2024 must not only aim at recovery but also lay a foundation for resilience and long-term growth,” said Mohammad Altaf Dar, reinforcing his dedication to advocating for the welfare of J&K’s traders and manufacturers.