Expressing gratitude to PM Narendra Modi for putting the economy on a fast-track and bold development initiatives for poor, youth, farmers and women, J&K Lt. Governor, Manoj Sinha ,on Saturday said that the budget proposals presented by the Finance Minister Nirmala Sitharaman was a big boost to the middle class.
Reacting to the budget proposals, he said that the revised tax rate structure is a historic move to bring change in the lives of middle class. PM has also provided huge relief to taxpayers by raising the TDS limit on rent, enhancing social security and formalising the gig economy.
“The budget reflects India’s growing aspiration for accelerated growth and to stimulate private sector investments. The focus on agricultural growth with various initiatives including Agri District Programme seeks to translate the vision of rural prosperity and social equity”, he added.
The Kashmir Chamber of Commerce and Industry (KCCI), however ,has expressed a blend of optimism and concern on the budget.
While the budget includes several commendable initiatives that promise to enhance economic activity, KCCI highlighted the pressing need for a special revival and infrastructural development package tailored to the unique challenges faced by Jammu and Kashmir, more so, considering the huge unemployment problem facing Jammu & Kashmir.
KCCI expressed concern over the absence of a special revival package for Jammu and Kashmir, especially in light of the region’s prolonged economic challenges extended over a period of three decades. The expectation for a 20 per cent increase in Central allocation has not been met, with a reduction of over Rs1,000 crore in Central assistance, which raises serious concerns about the region’s development trajectory, a KCCI statement said.
“We anticipated the introduction of an industrial development package for Jammu and Kashmir, recognizing its critical role in transforming the region into a thriving industrial hub. Such a package is essential not only for fostering local economic growth but also for aligning with India’s broader vision of becoming the world’s third-largest economy”, the statement added.
However, it welcomed introduction of a new scheme targeting five lakh first-time entrepreneurs, with a special focus on women, Scheduled Castes, and Scheduled Tribes.