Excelsior Correspondent
JAMMU, July 23: The traders and industrial community in the UT of Jammu and Kashmir today described the Union Budget, 2024-25 as `mixed’, praising the government for emphasizing agriculture, MSMEs, startups, and Industrial development, which are crucial growth engines for the country.
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They, however, noted that J&K did not get special attention as compared to other states this time. The opposition political parties termed the budget as anti-people, anti-youth and anti-farmer.
BJP National general secretary, Tarun Chug hailed the Union Budget describing it as the beginning of a new chapter in the national economy. He said the budget aims at injecting a new vigour and strength to the country. It has main focus on infrastructure development which will be the main reason for `Viksit Bharat’.
State BJP chief, Ravinder Raina said that the budget has focused on welfare and development of the people. He said the budget will benefit the defence, youth, women, farmers, poor, employees and middle- class people. It also focused on energy, infrastructure, MSME, education, development etc, he added..
Former DyCM Kavinder Gupta while welcoming the Union Budget, presented by the Finance Minister, Nirmala Sitharaman termed it as farsighted and people-friendly. He said the budget will help India to continue its journey of progress and public welfare.
Senior NC leader Rattan Lal Gupta expressed disappointment with the Union Budget, stating that it has failed to provide any new measures or relief for the general public as well as the people of Jammu and Kashmir. He emphasized that budget does not adequately address the pressing economic challenges faced by the nation.
JKPCC has termed the Union Budget as short of expectations of poor and common man who are suffering under massive price hike and unemployment. The Jammu and Kashmir has not been given special focus as it required in view of prevailing situation.
Reacting to the budget, PCC chief spokesperson Ravinder Sharma said that budget has lacked focus on the worst suffering people of J&K who are facing the brunt of militancy for the several years. The unemployment is record high and it has not given much attention. Farmers and transporters have also been ignored in the current budget.
Firmer NSUI, chief Neeraj Kundan said that people had high hopes from this budget but they all have been disappointed. The budget is anti-youth, anti-poor and anti-farmer, he asserted.
Arun Gupta, president of the Jammu Chamber of Commerce and Industries (JCCI), said the Union Budget addresses multiple sectors including farming, women empowerment, youth development, skills enhancement, and industrial growth. He said the Finance Minister has increased the tax limit upto Rs 3.00 lakhs and from 3-7 lakhs tax will be levied at 5%. The custom duty has also been reduced on some products and it will also benefit the general public. Scheme for providing internship opportunities in 500 top companies to one crore youth in five years is welcome step.
He said Mudra Loan eligibility limit has been enhanced from present Rs 10 lakhs to Rs 20 lakhs under Tarun Category. Twelve Industrial parks under the National Industrial Corridor Development program, encouraging states to lower stamp duties for properties purchased by women, Prime Minister Surya Ghar Mufat Bijli Yojana and one crore households obtaining free electricity are welcome steps, he added.
The Federation of Chambers of Industries Kashmir (FCIK) has hailed the provisions in the Union Budget for fostering of MSME ecosystem in the country and has hoped that the J&K government will take cue from such initiatives in order to formulate a robust plan to revive and up-scale the otherwise dilapidated MSME sector in J&K.
Reacting over the budget, FCIK expressed satisfaction over the special attention afforded to MSMEs particularly to the labour-intensive manufacturing sector. “Specific changes in financing, regulation, and technology support formulated in the Union Budget besides measures for sustainability and up-scaling of skill will surely help MSMEs in their revival, growth and competition” FCIK president Shahid Kamili said.
“We always have high expectations from the Budget. It is a balanced Budget with a long-term focus,” Manik Batra, Chairman of ASSOCHAM in J&K and Director, Batra Group of Companies said.
He highlighted the significant focus on the agriculture and MSME sectors, describing them as the backbone of India’s economy.
Bupesh Gupta, Co-Chair of ASSOCHAM J&K, expressed similar sentiments, calling it as a “mixed Budget” with several positive aspects.
“We need to thoroughly analyse everything before giving a detailed assessment. However, the government has addressed sectors such as IT reforms and pension benefits comprehensively,” he added.
“Union Budget 2024-25 thrust provided to skill development through a new Centrally sponsored scheme and upgradation of ITIs is a welcome step and will leverage the potential of youth in the country,” Madhav Singhania, Chairman, CII Northern Region said today.
He said the budget’s emphasis on ease of doing business, with measures like rationalising stamp duty and incentivising states for business reforms, is a positive step. The abolition of Angel Tax is a major boost for the startup ecosystem. “CII is particularly encouraged by the government’s focus on energy transition and the development of a roadmap for HTA industries that include – steel, power, chemical and refinery. These initiatives will accelerate India’s progress towards a low-carbon future,” Singhania added.
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