In a move to transform the Jammu and Kashmir economy into a competitive export-led entity, the State Administrative Council (SAC) has approved the first ever trade and export policy, said an official spokesman on Thursday. The council, under the chairmanship of NN Vohra, had met in Srinagar Wednesday evening.
The policy reflects the dynamics of the state as an agrarian economy in transition towards a market-driven economy, the spokesman said.
It is valid for a period of 10 years, or till a new trade and export policy is announced, he added.
"It is aimed to transform the state economy from a supply constrained one to a competitive export-led entity responsive to enhanced domestic integration and wider participation in national and global economy in tune with the national policies.
"It will create an enabling eco-system to ensure effective participation in the designed framework-based trading system that has emerged at the national and international levels and help in seizing opportunities available in global liberalized market," he said.
Targets in the policy include transforming the system from regulator to facilitator and from performer to enabler, enhancing the domestic trade volume by five times in next 10 years and providing employment opportunities to educated and skilled youth in export trading of goods and services.
Encouragement, promotion and facilitation of more investment in enterprises is also included in the target, which will push for building a strong, responsive and vibrant business environment in the state, the spokesman said.
The spokesman, in a separate decision, said the revision of fare of all commercial passenger vehicles has also been approved by the SAC, due to rise in fuel prices and other operational and maintenance cost.
A cost analysis based on relevant inputs was carried out by the Motor Vehicles Department in April 2018, the spokesman said, adding that a proposal to the transport department was submitted.