JK govt approves first trade policy to make state competitive

The Jammu and Kashmir government has approved the first-ever trade and export policy, aimed at transforming the state's economy into a competitive export-led entity, an official spokesman said today.

The State Administrative Council (SAC) met in Srinagar last evening under the chairmanship of Governor N N Vohra and approved the J-K Trade and Export Policy, 2018-28, the spokesman said.

He said the policy reflects the dynamics of Jammu and Kashmir as an agrarian economy in transition towards a market-driven one.

"It is aimed to transform the state economy from a supply constrained one to a competitive export-led entity responsive to enhanced domestic integration and wider participation in national and global economy in tune with the national policies.

"It will create an enabling eco-system to ensure effective participation in the designed framework-based trading system that has emerged at the national and international levels and help in seizing opportunities available in global liberalized market," he said.

The spokesman said policy targets include enhancing the domestic trade volume by five times in next 10 years, transforming the system from regulator to facilitator and from performer to enabler, and providing employment opportunities to educated and skilled youth in export trading of goods and services.

The targets also include encouraging, promoting and facilitating more investment in enterprises and building a strong, responsive and vibrant business environment in the state, the spokesman said.

He said the policy would be valid for a period of 10 years or till a new trade and export policy is announced.

In a separate decision, the spokesman said, the SAC has approved revision in fare of all commercial passenger vehicles in view of rise in fuel prices and other operational and maintenance cost.

He said the Motor Vehicles Department carried out a cost analysis based on relevant inputs, including fuel prices, in April 2018 and a proposal was submitted to the transport department.