J&K gets Rs 41,000 crore allocation in Budget that evoked optimism and concern in UT

Lt Governor Manoj Sinha hailed the Budget arsenic a “pragmatic Budget for Viksit Bharat”. He expressed gratitude to Prime Minister Narendra Modi and said the revised taxation complaint operation was a historical determination to bring alteration successful the lives of the mediate class.

“This Budget volition further boost the infrastructure sector, MSMEs, vigor sector, innovation, employment generation, and propulsion transformative reforms successful cardinal sectors for much inclusive and much sustainable growth,” helium said.

The Kashmir Chamber of Commerce and Industry (KCCI) expressed some optimism and interest implicit the Union Budget, saying that portion respective of its initiatives are commendable, the much-needed peculiar economical revival bundle for J&K was missing.

“We anticipated the instauration of an concern improvement bundle for Jammu and Kashmir, recognising its captious relation successful transforming the portion into a thriving concern hub. Such a bundle is essential, not lone for fostering section economical maturation but besides for aligning with India’s broader imaginativeness of becoming the world’s third-largest economy,” it said successful a connection issued by its caput general, Faiz Ahmad Bakshi.

“The anticipation for a 20% summation successful cardinal allocation has not been met, with a simplification of implicit ₹1,000 crore successful cardinal assistance, which raises superior concerns astir the region’s improvement trajectory,” the connection added.

At the aforesaid time, the Kashmir Chamber hailed the determination to exempt those earning up to Rs 12 lakh annually from paying income tax. It besides welcomed the instauration of a caller strategy targeting 5 lakh first-time entrepreneurs, with a peculiar absorption connected women, Scheduled Castes, and Scheduled Tribes. The proviso of word loans up to Rs 2 crore implicit the adjacent 5 years is simply a affirmative measurement that volition empower galore to motorboat their ventures, fostering innovation and economical diversification, the connection said.

KCCI besides commended the connection to widen the export clip framework for handicraft goods from six months to 1 year, with the anticipation of an further three-month extension. This flexibility volition importantly payment exporters, and has been a agelong pending request of KCCI.

The Jammu Chamber of Commerce and Industry hailed the Union Budget arsenic a “balanced” 1 that enactment “focus connected each large sectors including defence, health, agriculture, development, exports, women, youth, little mediate people and the Make successful India Mission”.

Referring to its request for the constitution of a nationalist assemblage undertaking portion successful Jammu, the president of the chamber, Arun Gupta, noted that this was not announced successful the Union Budget. He, however, expressed anticipation that successful the J&K Budget, determination volition beryllium large announcements connected tourism successful Jammu with a presumption to expanding footfall of tourists successful the region.

(With inputs from agencies)