Trade body calls for fiscal incentives, restoration of internet services in J-K

A leading trade body on Wednesday demanded fiscal incentives for businesses and immediate restoration of mobile internet services in the Union Territory of Jammu and Kashmir.

The Jammu-based Chamber of Traders Federation also said that the loss suffered by valley based growers and allied trades should be compensated at the earliest.

Being the hub of business activities, Jammu suffered major economic setback over the past three months, CTF President Neeraj Anand said here.

"Jammu provides infrastructure and allied support like cold storages, warehousing, logistics, repacking and lodging to all major sectors of the economy including horticulture and tourism. We suggest liberal fiscal incentives, besides income tax waiver be given to help streamline business operations," he said.

The CTF president also demanded immediate restoration of mobile internet services and said the business community is finding it hard to cope up with the demands of doing business due to suspension of internet across the union territory.

"Economy of Jammu and Kashmir region is interdependent, so is the social well being of the citizens. Due to bad politics encouraged by neighbouring country a peculiar situation has emerged that is ruining our economy," he said.

Anand said CTF is ready to help diffuse current entanglement by forming coordination committees comprising of stakeholders from trade, transport and industry from both Jammu and Kashmir region.

"Such committees can help to streamline business activity as traders enjoy trust of all sections of the society," he said, requesting the administration to review detention of trade leaders from Srinagar as a confidence building measure.

Talking about "liquidity crisis" in the market post August 5, he said a mechanism should be devised to immediately release pending payments of government contractors, suppliers and industrialists to ease the situation.

He also demanded waiver of electric, commercial and industrial charges and said the fiscal incentives in the shape of income tax relief and GST exemptions should cover all sectors, including trade and services, which are providing direct and indirect employment to lakhs of people.