J-K industry body says nothing in Union Budget for state

The Jammu and Kashmir business community today expressed disappointment over the Union Budget, saying it has nothing specific for the state.
"There is nothing Jammu and Kashmir-specific in this budget. We were expecting the Union Finance Minister to make necessary provisions in this budget to bear the cost of return of J-K based power projects by NHPC to the state," Kashmir Chamber of Commerce and Industry (KCCI) President Javid Ahmad Tenga said.
He said there is no provision for investment insurance to provide security for the investments made by outsiders in the state.
"The KCCI has long been demanding for provision to be made in the union budget for investment insurance to provide security for the investment made by the outside investors in Kashmir, as it being conflict zone, the investors are not otherwise willing to invest in Kashmir," he said.

He further said Kashmir suffered massive business and infrastructure losses in 2014 floods but "nothing has been provided in the budget to compensate for those losses".
"The state government gave a preliminary estimate of losses to the tune of Rs 44,000 crore to the union government so as to ensure rehabilitation of business and other activities, but to our dismay nothing towards that has been provided in this budget," he said.
He however, said the KCCI appreciates the provisions in the budget made for the health and education sectors of the country.