Srinagar: With the Jammu and Kashmir Budget 2026–27 on the horizon, Chief Minister Omar Abdullah has initiated the critical phase of stakeholder consultations to shape the Union Territory’s financial roadmap. In a high-level meeting at the Civil Secretariat on Friday, Jan 23, the administration faced pressing demands from trade bodies, specifically focusing on interest subvention for working capital loans and immediate relief measures for the retail sector.
The Core Demands: Loan Relief & Fire Safety
Representatives from the Kashmir Traders and Manufacturers Federation (KTMF), KCCI, and other sectors laid out a specific charter of demands. The deepening crisis in the retail sector was a focal point.
- Financial Relief: Stakeholders pushed for a “trader-friendly” One-Time Settlement (OTS) scheme to resolve bad debts and sought interest subvention on working capital loans to boost liquidity.
- Infrastructure Crisis: With rising incidents of market blazes, traders demanded a designated ‘Market Fire Safety and Relief Fund’ to modernize electrical infrastructure in congested commercial hubs.
- Rehabilitation: A policy for traders displaced by ongoing Smart City and road widening projects was also tabled for urgent consideration.
Government Assurance
Addressing the assembly, CM Omar Abdullah termed the consultations essential for a “people-friendly” budget. He was accompanied by Cabinet Ministers Sakina Itoo (Social Welfare), Javaid Ahmad Dar (Agriculture), and Satish Sharma (Food & Supplies).
- Official Stance: The Chief Minister assured that the budget would focus on inclusive growth and specifically promised an aggressive nationwide tourism promotion drive to support the hospitality sector in 2026.
- Key Officials Present: The meeting included Additional Chief Secretary Dheeraj Gupta, Principal Secretary Finance Santosh D. Vaidya, and Commissioner Secretary Industries Vikramjit Singh.
Key Highlights: What’s on the Table?
| Metric | Detail |
| Date | Jan 23, 2026 (Friday) at Civil Secretariat, Srinagar. |
| Key Demands | Interest subvention, One-Time Settlement (OTS), Fire Safety Funds. |
| Sectors | Industry, Horticulture, Tourism, and Transport. |
FAQ Section
A: Traders are primarily seeking interest subvention on working capital loans and a one-time settlement (OTS) scheme to clear bad debts accumulated during economic downturns.
A: Alongside the CM, Ministers Sakina Itoo, Javaid Ahmad Dar, Satish Sharma, and top bureaucrats like Principal Secretary Finance Santosh D. Vaidya were present.
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AUTHORSHIP & TRANSPARENCY
- Reported by: Gowhar Nabi
- Edited by: Senior Desk
- Source Transparency: “Information based on official inputs from the Civil Secretariat meeting held on Jan 23, 2026, and representations from the Kashmir Traders and Manufacturers Federation (KTMF).”
- Community Question: “Do you think a one-time loan settlement scheme is enough to revive the local market? Share your views below.”
- Accountability Footer: “Found an error? Email kittonews@gmail.com.”
