JAMMU: The Indian Chamber of Commerce (ICC), Jammu Chapter, led by its Chairman Rahul Sahai, submitted a comprehensive memorandum to theChief Minister of Jammu & Kashmir, Omar Abdullah, during the stakeholders’ interaction on Budget 2026–27 held in Jammu.
ICC appreciated the revival of the long-standing tradition of pre-Budget consultations and expressed confidence that participatory governance would help Jammu & Kashmir emerge as a revenue-surplus Union Territory, while promoting inclusive growth and economic stability.
A key highlight of the memorandum was the demand for a pragmatic and fiscally balanced New Industrial Policy aimed at supporting existing industries, encouraging expansion, and attracting new investments. For existing industrial units, ICC proposed turnover-linked incentives, working capital subsidy to offset the expiry of NCSS benefits in 2026, continuation of SGST reimbursement under SRO-31 till 2031 and beyond, interest subsidy on term loans for modernization and solar installations, and capital subsidy for renewable energy adoption.
For industries undertaking substantial expansion, ICC recommended extending incentives to expanded capacity, continuation of SGST refunds, enhanced interest subsidy on expansion-linked loans, and simplified capital subsidy provisions on machinery and solar plants. For new industrial units, ICC suggested turnover-linked incentives, working capital subsidy, long-term SGST refunds linked to plant and machinery, capital subsidy up to 35 percent, and interest subsidy on term loans to improve project viability.
The Chamber also strongly advocated for a blanket exemption of stamp duty and court fee for industrial transactions, including enhancement or takeover of credit facilities, addition of product lines, and transactions involving leasehold land and assets within government industrial estates. ICC emphasized that a single registration with the Industries Department should suffice to avail such exemptions, thereby improving ease of doing business.
Beyond industry, the memorandum covered IT infrastructure development through city-based IT parks, promotion of sports and exhibition-led economic activity, strengthening of social infrastructure such as parking, housing and skill development, and focused measures to boost tourism in Jammu through facilitation centres, digital promotion, improved connectivity and hospitality sector reforms.
ICC reaffirmed its commitment to work closely with the Government of Jammu & Kashmir to support policies ensuring sustainable, balanced and employment-oriented growth across the Union Territory.
