The Union Budget for the financial year 2024-25 has sparked varied reactions from different political and social quarters in Jammu and Kashmir
YV Sharma, spokesperson for BJP JK UT and former President of Jammu Chamber of Commerce and Industry, hailed the Union Budget as development oriented and futuristic which lays strong foundation for fulfilment of Viksit Bharat Mission of PM Narendra Modi. It lays special stress on poor women, youth and farmers. Special allocation of Rs 1.48 lakh crore for Education, Employment and Skill Development are the special features of the Budget. For this purpose special stress has been laid on various schemes like Atamnirbhar oil seed plants, Dairy Farming sector and Department of Fisheries for which a separate deptt has been announced are welcome steps. The announcement of making Lakh Patti women from 2 crore to 3 crore augurs well for the women. Railway sector has been given big boost by announcing three major corridors one for carriage of energy and Cement another for PM Gati Shakti Yojna and third for decongesting for Railway travellers will go a long way in boosting the Railway sector. Huge funds have been allocated for social and education sector. Special schemes will be launched for 14 cities having population of more than 30 lakhs. The Budget provides relief to middle class and salaried people by increasing standard deduction from Rs 50000 to Rs 75000, raising family pensions from Rs 15000 to Rs 25000 and making change in Tax rate in the New income tax regime which will give a reduction of income tax upto Rs 17500 to people earning Rs 15 lakh per year. To give relief to families reduction in custom duty has been given on gold and silver. Reduction in custom duty have also been given on mobiles and mobile chargers, Electric vehicles, medicines of cancer and other diseases, lithium Batteries, leather products which will make these articles cheaper. To boost the rural economy and to strengthen it special efforts will be made in the Agriculture sector . Similarly MSME Sector will get cheap loans and safety labs.
On the whole, strong foundation will be been laid for various sectors and the focus has been on the ten areas including Defence, Rural Development, Agriculture and allied activities, Home Affairs, Education, IT and Telecom, Health, Energy, Social welfare and Commerce and Industry.
Tushar Mahajan, Secretary Chamber of Traders Federation said today’s budget is for the middle class and the main focus is on Infrastructure development, education, health and rural development Today’s budget is to empower all the sections which open new avenues for youth. Main focus of the budget is on infrastructure development and the Government announced Rs 11.11 Lakh Crore for this sector. Education sector is also in focus and get Rs 1.20 Lakh Crores. From the last six budgets this is the highest allocation in this sector. Government announced an Employment link incentive scheme that will help to generate new employment opportunities for youth and youth from villages will get the jobs in the top most private companies. Income tax rebate in the new tax regime clearly shows that the focus of the government is on the middle and salaried class. Increase in short term capital gain and long term capital gains hurts the sentiments of market but today the budget touches all the sectors in a very positive way and clearly shows that the focus of the government is making India a developed country.
Arun Gupta, President of Chamber of Commerce & Industry, welcomed the budget’s provisions such as increased tax limits, reduced customs duties, and schemes promoting internship opportunities and Mudra loans.
He appreciated initiatives aimed at boosting industrial parks, encouraging states to lower stamp duties for women property purchasers, and providing free electricity under the Prime Minister Surya Ghar Mufat Bijli Yojana.
Vikram Singh Bhadwal, General Secretary of Lok Jan Shakti Party (Ramvilas), praised the budget as a visionary and balanced blueprint that promises comprehensive development across various sectors.
Singh highlighted its role in advancing India towards becoming a “Viksit Bharat” or Developed India, noting its strategic allocations for infrastructure, healthcare, education, and social welfare programs aimed at benefiting marginalized sections of society.
Ravinder Sharma, Sr. Vice President of JKPCC, criticized the budget for failing to meet the expectations of the common man in Jammu and Kashmir.
He lamented the lack of special focus on the region amidst its unique challenges, including high unemployment and economic distress exacerbated by ongoing militancy.
Sharma argued that the budget fell short in addressing the needs of vulnerable groups like daily wage earners and pensioners, advocating for more substantial economic relief measures.
Ravinder Raina, President, J&K BJP said that the 2024 Budget reflects Sab Ka Sath, Sabka Vikas vision of Modi government. This Budget presented by the Union Government led by Prime Minister Narendra Modi has focused on welfare and development.
“This budget will benefit the defence, youth, women, farmers, poor, students, employees, middle class etc. It also focusses on infrastructure, energy, MSME, development, education, reforms, tax benefits, productivity, job creation, social justice etc”, said Raina.
Hailing the Union Budget presented by Union Finance Minister Nirmala Sitaraman, Raina said that this budget proves the commitment of the Modi government towards the welfare of every section of society and also on the Next Generation Reforms.
Raina said that this budget by Modi Ji will boost the welfare of all sections of people and the developmental process going on in the region. He said that this budget will provide more money in the hands of the salaried and the middle class. This budget will majorly benefit the youth and the women, the classes, that are the building blocks to the futuristic and holistic development in any society.
Ravinder also said that this budget will boost the start-up ecosystem, hence giving push to the employment generation capacity and the other development processes in the nation.
“The Modi Government has focused on 4 major castes, namely ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth) and ‘Annadata’ (Farmer) in this budget”, said Ravinder Raina, while focusing on Innovation, Research & Development as well as next-generation reforms.