J&K govt seeks I-T exemption for handicraft, handloom sector

The Jammu and Kashmir government today sought income tax exemption for handicraft and handloom sector for at least two years in view of the damage caused by devastating floods in the state.
The demand was made by Minister of State for Industries and Commerce Sajad Kitchloo at the Textiles Ministers' Conference at Delhi, an official spokesman said.
"In order to provide succour to the handicraft and handloom sectors in the state, Kitchloo proposed grant of exemption from payment of income tax for the next two to three years," the spokesman said.
Kitchloo also demanded release of financial assistance to the tune of Rs 100 crore to the state for handicraft and handloom sector.

The Minister highlighted the difficulties faced by the artisans and other stakeholders in Jammu and Kashmir following large scale devastation caused by the recent floods.
Kitchloo expressed gratitude to the Prime Minister and the Union Home Minister as well as other senior Ministers of the Union cabinet who visited the State at the height of the calamity and offered substantial support to the state government.
Apprising the Union Textile Minister about the massive damage caused to the government and private industrial infrastructure and property, he said thousands of artisans and weavers whose assets like looms, raw material, processed and finished goods have been damaged or completely destroyed have been rendered jobless.

The State Industries Minister also informed the gathering that the handicrafts and handloom exports from the state brings into the state about Rs 2,000 Crore annually, which is next only to Tourism and Horticulture sectors of the state.