*BJP hails; Cong, CPI (M) criticise
Gopal Sharma
JAMMU, Feb 1: The Union budget presented by Finance Minister, Nirmala Sitharaman in the Parliament today has evoked mixed reaction in Jammu and Kashmir.
Follow the Daily Excelsior channel on WhatsApp
The Jammu Chamber of Commerce and Industry (JCCI) while lauding the Union budget presented by Finance Minister in the Parliament today, described it as well balanced budget with focus on all major sectors like defence, health, agriculture, development, exports, women, youth, lower-middle-class people and Make in India Mission.
Reacting to the Union budget, JCCI president, Arun Gupta said that the budget should have made certain provisions for establishing some Public Sector Undertakings to boost Industrial development and to generate employment. He hoped that while announcing the budget for the UT of J&K the Government will announce establishment of a big tourism destination in Jammu to increase the footfall of tourists in Jammu as the rail/ road connectivity upto Kashmir valley will definitely harm the economic growth especially of Jammu City.
Gupta further said that addition of 36 lifesaving drugs in the list of medicines fully exempted from the basic custom duty is a welcome step as it will provide a big relief to the patients especially suffering from severe chronic diseases like Cancer etc. He also welcomed the announcement that there will be no Income Tax payable upto income of Rs 12 lakhs.
Federation of Industries Jammu (FOIJ) has termed the Union budget as ‘Industrial friendly’ for MSME Sector and beneficial for all sections of society.
While going through the budget proposals, Lalit Mahajan, Chairman Federation of Industries, Jammu and president, BBIA welcomed the proposals for the speedy development of all the sectors including MSME as well as for the Corporate Sector of the country with certain announcements.
Mahajan welcomed revision in turnover classification criteria for MSMEs for Micro Sector from Rs 5 crores Rs 10 crores, Small Scale from Rs 50 to Rs 100 crores and for Medium Scale from Rs 250 to Rs 500 crores; credit cards for Micro enterprises: customized credit cards with a Rs 5 lakh limit for micro enterprises registered on Udyam portal. The credit guarantee cover enhancement for Micro and Small Enterprises, Exporter MSMEs, for term loans up to 20 crore is also a welcome step. The Income Tax exemption to Rs 12 lakh per annum is a big relief in the budget, he added.
He, however, said that no proposal for the extension of Central Package of incentive for the existing as well as new units of J&K has been noticed for which application for the Registration is pending with the Industries Department of Jammu & Kashmir.
The Kashmir Chamber of Commerce and Industry (KCCI) while reacting to Budget 2025-26 today said that it had expected a special economic revival package for J&K and an increase in budgetary allocation but nothing of the sort was found in it.
In a statement issued here, KCCI expressed both optimism and concern following the Union Budget, emphasizing the need for a special revival and infrastructural development package for J&K. KCCI expressed concern over the absence of a special revival package for J&K, particularly in light of the region’s “prolonged economic challenges” spanning over three decades.
“The expectation for a 20% increase in Central allocation has not been met, with a reduction of over Rs 1,000 crore in Central assistance, which raises serious concerns about the region’s development trajectory,” it said.
Federation of Chambers of Industries Kashmir (FCIK) has welcomed the crucial infrastructure and institutional support for the manufacturing sector, recognizing its potential to drive employment and strengthen the supply chain ecosystem.
In response to the Union budget, the Kashmir’s leading Industrial body emphasized the significance of the initiatives proposed by the Union Government, including accomplishing the vision under the “National Manufacturing Mission” to support manufacturing industries of all sizes.
“We are pleased that the Finance Minister has recognized MSMEs as the second engine for economic growth and a cornerstone of the Indian economy, with specific provisions aimed at enhancing their scalability, technological up-gradation, and access to capital,” stated the Advisory Committee of FCIK, led by Shahid Kamili, after reviewing the budget provisions.
The committee noted that the recognition of MSMEs, given their 30% contribution to India’s GDP, nearly 45% of the country’s exports, and employment of around 80 million people nationwide, is highly encouraging.
The Chamber of Traders Federation, Jammu welcomed the Union Budget 2025, which reflects a strong commitment to fostering economic growth, empowering businesses, and supporting the middle class. The Government’s historic decision to exempt income up to Rs 12 lakh from taxation will provide significant relief to taxpayers, boosting consumer spending and driving demand in the market.
The CTF stated that the focus on MSMEs with an investment limit increase of 2.5 times and a doubling of turnover limits is a major step towards strengthening small businesses-the backbone of our economy. Additionally, the credit guarantee enhancement for MSMEs and start-ups will provide much-needed financial support to entrepreneurs.
The Association of Industries Gangyal has expressed displeasure over the Union Budget and said that it has nothing for the existing Industrial units in the Jammu and Kashmir.
Reacting to the Budget, AOI president Virender Jain and general secretary Sanjay Langar said that they had high hopes from the Union Government as they had submitted pre-budget proposals to the concerned Ministry but they were disappointed with the proposals as existing Industry has been heading towards closure. They demanded that Industrial Package of Rs 28,400 be enhanced to one lakh crore for J&K and all the new and existing units be covered under the package.
Indian Chamber of Commerce, Jammu Chapter chairman Rahul Sahai said the Union Budget 2025 is a well-balanced financial plan that aligns fiscal discipline with economic growth, ensuring sustainable development while boosting key sectors.
The budget emphasizes skilling, education, training, agriculture, research, and small industry exports, backed by real schemes and financial support. A key highlight is the increase in individual tax exemption from 7% to 12%, enhancing disposable income and driving economic activity. He said rural development received a major boost with investments in nutrition, productivity, seed quality, automation, and technology adoption.
Traders Federation Warehouse -Nehru Market Jammu while hailing the Union budget presented by Finance Minister in the Parliament today, described it as as a well-balanced financial plan that aligns fiscal discipline with economic growth, ensuring sustainable development while boosting key sectors.
While going through the budget proposals, Deepak Gupta, its president welcomed the proposals for the speedy development of all the sectors including MSME as well as the Corporate sector of the country. Gupta said that the Union budget reflects a strong commitment to fostering economic growth, empowering businesses, and supporting the middle class.
The Government’s historic decision to exempt income up to Rs 12 lakh from taxation will provide significant relief to taxpayers, boosting consumer spending and driving demand in the market. He said that the dedicated schemes for the footwear, leather and toy industries, are set to generate millions of jobs and boost exports.
The Federation of Trade and Industry of India (FTII), extended congratulations to Prime Minister Modi for the historic budget. It said the budget is designed with the welfare of the common people in mind, reflecting the Prime Minister’s visionary approach to connecting citizens to the overarching goal of a developed India.
Dr Sanjay Bansal, president of FTII, emphasized, “This budget aligns with the core values of FTII and our shared vision for a thriving India. It will serve as a critical step toward building a more prosperous, sustainable, and inclusive nation.”
Standing Conference of Public Enterprises (SCOPE), an apex body of Public Sector Enterprises complimented the Finance Minister in presenting a progressive reform oriented holistic budget that addresses all stakeholders of the economy.
Director General SCOPE and Member, Governing Body ILO Atul Sobti appreciated the Budget as it gave a directional push to both consumption and investment by enabling businesses, increasing spending power and for the first time addressing welfare of the workers.
“The Budget 2025 is a progressive budget as it strengthens inclusive development through a series of action-oriented reforms targeted to accelerate manufacturing, modernise agriculture and give due impetus to skilling & innovation thereby, bolstering growth for a Viksit Bharat,” he added.
BJP’s JKUT unit while terming the Union Budget 2025 as another milestone to achieve the mission of “Viksit Bharat Sankalp”, hailed the commitment of Modi Government to achieve the aim of Bharat that is creating opportunities for everyone, while providing best and affordable health, education, and growth with advancements in the technology.
Sat Sharma, JKUT president thanked Prime Minister Narendra Modi and Union Finance Minister Nirmala Sitharaman for presenting a complete budget taking care of all the sections of the society and called it as people friendly. He said that the Union Budget talks of various reforms taken to ensure the growth momentum in the power sector and other things. This budget is to empower the common man by increasing the private investments.
National Conference has expressed satisfaction over some of the announcements made in the Union Budget 2025 while the other parties including Congress, Peoples Conference and CPI (M) criticised the financial plan.
NC spokesman and MLA Zadibal, Tanvir Sadiq while speaking to the media persons here said that some of the reforms in the Budget were positive.
However, the NC leader said that Jammu and Kashmir should be included in the 50 new tourist destinations and medical tourism. ‘We are expecting J&K to be included in it,” he said.
J&K Pradesh Congress Committee (JKPCC) president, Tariq Hameed Karra said the Union budget has ignored the genuine case of youth of J&K for special attention.
“The Union budget has ignored J&K in terms of the special focus needed here to give relief to worst suffering people especially the youth in special circumstances prevailing in this border region and rather the budget focussed more on Bihar & Delhi for political considerations,” he said.
In his stinging remarks on Chief Minister Omar Abdullah over Jammu and Kashmir’s allocation, Peoples Conference president Sajad Gani Lone said that it is time for him to seek the return of shawls gifted by him to Union Ministers and revise his cloudless weather commentary made at Sonamarg in Ganderbal district.
In a post on X, Lone pointed out that there has been a reduction in J&K’s allocation in the Union budget. “The proposed allocation to J&K in the Union Budget is approximately Rs 41,000 crores. It is approximately Rs 1,000 crore less than the previous allocation. When adjusted for inflation, it is reduced by another Rs 2,000 to Rs 3,000 crores,” he said.
The CPI (M) said that the Union budget 2025-26 is a “cruel betrayal” of the requirements of the people of India. “Instead of addressing the root cause of the demand problem being faced by so many sectors of the economy, the lack of purchasing power in the hands of large sections of the population because of mass unemployment and shrinking wages, the Modi Government through the budget is seeking to stimulate the economy by giving tax cuts to the small minority with higher incomes even as expenditures are cut.”
“While the Economic Survey shows the desperate plight of India’s labour force, pointing out the decrease in earnings over the last five years, this budget with its emphasis on cutting Government expenditures while giving concessions to the rich will only increase the huge inequalities in India. Instead of mobilizing resources by taxing the rich and the big corporate houses and pushing up public investment that would help generate employment and ensure a minimum wage for our people, it has chosen to do the opposite,” the statement added.
Shiv Sena J&K Unit and Dogra Front stated that Finance Minister announced income tax exemption for salaried people up to Rs 12.75 lakh. It has provided great relief to the people.
Sena president Ashok Gupta took out a celebration rally in Jammu city lauding the budget as the budget for the middle class which has been feeling ignored for years.
The proposed tax exemption will go a long way in enhancing the financial well-being of the middle class. The welfare decision will benefit the common man of the country including the middle class. It will not only encourage economic development but also bring positive changes in the lifestyle of the people, he added.
Akhil Bharatiya Rashtriya Shaikshik Mahasangh (ABRSM) has welcomed the allocation of Rs 1,28,650 crore for the Education sector in the Union Budget, an increase of 6.65% over the previous year.
The Mahasangh has termed this budget as an important step towards expanding education infrastructure, promoting digital education, promoting research and innovation. However, the Mahasangh made it clear that the Government should take concrete steps for spending at least 6% of GDP on the education sector so that the goals of the New Education Policy (NEP) can be achieved.
Follow our WhatsApp channel
