New fiscal policy to boost entrepreneurship: Drabu

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 SRINAGAR:- Minister of Finance, Dr. Haseeb A. Drabu, today said the new fiscal policy announced in the Annual Budget 2016-17 will tackle corruption, boost entrepreneurship and provide succour to the marginalized sections of society in Jammu and Kashmir.

“At a time when market forces are pushing marginalized sections of society towards further marginalization, the Government has to have a humane face. It’s with this vision that the new fiscal policy of J&K Government has been revised to provide relief to those people who feel left out of the system,” Dr Drabu said.

Replying to the discussion on Demands of Grants for the Departments under his charge, the Minister said the Annual Budget 2016-17 will infuse confidence in the market, tackle corruption and give a new direction to the J&K’s economy, he said.    

 “I requested all of you to go through the Budget so that we can have a constructive debate of dealing with the problems faced by Jammu and Kashmir.”

The Finance Minister said the Government is revamping the redundant tendering process which had bred systemic corruption, tattered the economy and also marred the process of asset creation in Jammu and Kashmir.  

“I have emphasised in the Budget to change the tendering process and asked the Planning Department to evolve a new process. The idea of revamping the fiscal policy is to build a system which presents a humane face of the Government and benefits every section of the society,” he said. 

The Finance Minister said no reliable study has been done to find out the actual number of unemployed youths in Jammu and Kashmir. “The figures vary between one to five lakhs. But I assure the House that the Government will order a survey to get actual figures on unemployment,” he said.

Later, the House passed the grants of Finance, Culture and Labour & Employment for the year 2016-17, amounting to Rs 20,326.03 crore and Rs. 21,3.28 crore with voice vote.

The members who took part in the discussion on demand of grants including Raja Manzoor, Ali Mohammad Sagar, M. Y. Tarigami, Davinder Manyal, Bashir Ahmed Dar, Hakeem Mohammad Yaseen, Er. Abdul Rashid and Pawan Gupta.

The members, who moved the Cut Motions on the Grants, withdrew after the satisfactory reply from the Minister.

Later, the House passed the Grants.

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