JAMMU: The Indian Chamber of Commerce (ICC), Jammu Chapter, under the leadership of its Chairman Rahul Sahai, presented a comprehensive memorandum to the Chief 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 such participatory governance would help Jammu & Kashmir emerge as a revenue-surplus Union Territory while fostering inclusive growth and economic stability.
A major focus of the submission was the need for a pragmatic and fiscally balanced New Industrial Policy that supports existing industries, encourages expansion, and attracts new investments. For existing industries, ICC proposed introduction of a turnover-linked incentive of 3% for micro and 2% for small and medium enterprises with an annual cap, a 5% working capital subsidy to offset the expiry of NCSS benefits in 2026, continuation of SGST reimbursement under SRO-31 till 2031 and above , 6% interest subsidy on term loans for modernisation and solar installations, and appropriate capital subsidy for adoption of renewable energy.