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| Make transparent industrial policy | | |
When any Finance Minister presents budget in Jammu and Kashmir, the key focus of the majority is on employment package. However, close monitoring of budget documents would reveal that there is absolutely nothing which promises a direct job to anyone. There are only proposals for creating avenue of industrial growth or self employment. Jammu and Kashmir is a bad story of financial mess where creation of wholesale government jobs is not in the realms of any possibility. There is a need to initiate both administrative and policy oriented measures to tide over the fiscal problems. It should be the government's endeavour to take the state towards self-reliance and strengthen its resource base. The state has tremendous potential of growth in agriculture, horticulture, power and IT sectors, which can prove as great economic boosters. It is observed with dismay that out of 49000 industrial units registered in the state 29000 have been declared sick. The major obstacles in the promotion of industrial activity in the state are lack of adequate marketing avenues and non-availability of assured power supply. The government needs to offer an exclusive power package to the industry for which the authorities and industrialists should mutually devise a proper distribution and revenue collection mechanism. Industrialists should produce quality products, which can compete with their competitors globally. The industrialists instead of hankering after government supplies should explore markets outside the state to widen their marketing capacity. At the same time the government should assure the industrialists that if they offer quality products, the government will make cent per cent purchases locally and no orders would be placed outside the state. There is an urgent need for using local manpower in their industrial units to generate more employment opportunities for local youth. For this the Industrial Training Institutes in the state should design courses in consultation with the industrialists. The government should also remembers that for revitalizing the industrial activity in the state the basic premise is to bring efficiency in government functioning. Although the private sector has a claim over certain services from the government but they should not look for incentives as it eats into the finances of the state and makes it inefficient. The greed for incentives produces a vicious circle as the industrialists look for incentives from the state government, which in turn goes with a begging bowl to the centre for the same. Industrialists should expand their market avenues to generate more profits instead of hankering after incentives, which in the long run prove disastrous for the growth of industry. This has already happened in the much industrialized states like Maharashtra and Gujarat. It is strongly recommended that instead of looking for incentives from the government, the private sector should get into a partnership with the state and work towards earning mutual benefits. The industry should never rely on government concessions, as it is very short living. Incentives should be aimed at re-structuring the industry and not for some short term gains. To weed out corruption from the state, the government should to do away with the system of tax exemptions. The authority to an officer to give certain relaxations in taxes breeds corruption. To make good use of resources and generate employment for the locals, there is an urgent need for formulation of a comprehensive business policy, fiscal policy and economic policy to overcome the financial problems of the state.
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