J&K Business Community Describes Budget As Positive But Mixed

JAMMU, July 23:  The business and industrial community in Jammu & Kashmir described the 2024-25 Budget as “mixed”, praising the government for emphasizing agriculture, MSMEs, startups, and industrial development, which are crucial growth engines for the country.

  However, they noted that Jammu & Kashmir did not get special attention compared to other states this time.

“We always have high expectations from the Budget. It is a balanced Budget with a long-term focus,” said Manik Batra, Director, Batra Group of Companies.

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.

Gupta emphasized that the Budget prioritises infrastructure development, skill enhancement, MSMEs, solar energy adoption, and industrial and agricultural sectors.

“Besides, there is a strong focus on promoting global tourism, establishing industrial parks, and empowering women, alongside encouraging FDI,” he explained.

Describing the Budget as a positive step, senior Chartered Accountant Aditya Suri noted that it caters to all sections of society.

“The revisions in IT slabs and enhanced benefits for employees and pensioners demonstrate the government’s commitment,” he remarked.

“While there isn’t much specifically announced for Jammu & Kashmir in this Budget, we remain hopeful that existing schemes will be extended,” Suri added.

Shivang Mahajan from KC Group commented on the Budget, noting its limited focus on J&K but welcoming the support for MSMEs and startups.

“Overall, it presents a positive outlook with a varied focus,” he remarked.

Arun Gupta, President of the Jammu Chamber of Commerce and Industries (JCCI), said the Budget addresses multiple sectors including farming, women empowerment, youth development, skills enhancement, and industrial growth.

“However, while J&K is mentioned, more attention is needed for this region,” he emphasized. (Agencies)