Hon’ble Chief Minister began his Budget speech with poetic resolve:

“Safar taveel hai, bojh bhi bhaari hai.

Par har surat, yeh safar jaari hai, jaari hai.”

For Kashmir’s business community, those words briefly rekindled hope. But as the speech concluded, optimism gave way to anguish and disappointment. The journey may be ongoing, but the Budget offered little assurance for those struggling to stay on the road.

The Union Territory Budget 2026–27 arrives at a time when Kashmir’s economy is not grappling with growth constraints, but fighting for survival. Years of disruption, political uncertainty, security-related shutdowns, supply chain breakdowns, and market isolation have left the industrial sector exhausted and financially fragile. In such circumstances, a Budget heavy on intent but light on financial commitment risks deepening the disconnect between policy rhetoric and ground reality.

For last many years now, businesses across Kashmir have operated under extraordinary stress. Working capital has eroded, liabilities have mounted, and investor confidence has weakened. The recent Pahalgam incident has further dented sentiment, reinforcing uncertainty for entrepreneurs already operating on thin margins. Against this backdrop, the absence of direct fiscal relief, liquidity support, or a structured rehabilitation package for existing industries is deeply concerning. The Budget is perceived as maintenance-oriented, repackaging administrative measures without articulating a credible strategy for industrial revival, competitiveness, or large-scale employment generation.

This concern is underscored by hard........

© Greater Kashmir