The Bold Voice of J&K

Budget 2023-24 overwhelmingly welcomed in J&K


Presentation of Budget 2023-24 Finance Minister Nirmala Sitharaman on Wednesday evoked mixed reactions in Jammu and Kashmir. By and large, the budget was overwhelmingly welcomed by cross section of society, especially the salaried class besides trade and commerce.

Arun Gupta, President CCI welcomed the Union Budget claiming it to be soothing and progressive. He said that much sought after cuts in tax slab will definitely go a long way in comforting the people especially the middle class which was facing troubles in the past due to inflation and other compulsions affecting household budgets. He, however, said that the traders were expecting big sops and provisions for giving a push to their businesses which is lacking in this budget but overall the Finance Minister Nirmala Sitharaman has taken care of all sections of the society through a balanced approach and ensuring a trade-off between different entities.

Deepak Gupta, President Ware House Traders Federation shared, ” The relief granted to the common people in the Union Budget has made it a hit. Income Tax relief granted in the Budget will ensure that more people will file Income Tax returns. The policies announced in the Union Budget will strengthen the economy and ensure that Prime Minister Narendra Modi’s dream of a $5 trillion economy turns true.”

Somraj Sharma, a Retd Govt employee said, ” The budget not only takes care of the middle class but also addresses the issues of tribals, the poor, and fishermen. It focuses on digital growth, and tax exemption is a big relief.
The Union Budget 2023-24 is expected to bring about positive changes in the country that will lead us towards achieving our goal of becoming a trillion economy and ‘Top Three’ economies within few years.”

Rahul Sahai, Chairman PHD Chamber of Commerce and Industry Jammu Chapter said allocation of Rs 35,581 crore for J&K presented by Finance Minister during her budget speech is very appreciable. Sahai firstly applauded J&K Govt good going in achieving of Capex targets and said that we are pleased to see the substantial 33% hike in the capex outlay at 10 lakh crore which is the highest ever, amount of all budgets. He said that The Credit Guarantee Scheme for MSME and tax exemption for the hardworking middle class recognized the need to support in difficult times. In a major relief to MSMEs, as mentioned in case of MSMEs failing to execute contracts during the COVID period, 95% of the forfeited amount relating to the bid or performance security would be returned to them by government and government undertakings will definitely boost the morale of the MSME Sector, he added. He also welcomed the multiple measures that will build the confidence of industry. These include the announcement of tax exemption upto Rs 7 lakhs in new Tax regime , promotion of tourism in mission mode under PPP and selection of 50 destinations through challenge mode that will be developed as complete package, Agriculture Accelerator Fund, Digital Public Infrastructure for Agriculture, natural farming, target funding for animal husbandry, dairy, fisheries, physical libraries at Panchayat and ward levels, setup of Unity Malls for promotion of ODOP. Overall the budget was prudent while building on the capacities and capabilities of the nation said Rahul Sahai. How Sahai also highlighted some expectations of Industrialists and Entrepreneurs which were not fulfilled which are some provisions on the existing Industry of J&K. We would have loved to have some provisions on existing Industry in the Budget Sahai expressed that we are hopeful these concerns would be addressed in J&K UT Budget.

Sahil Kerni, a businessman shared, “I like to thank FM for this year’s budget. The Government’s efforts on ease of doing business have significantly improved India’s global ranking in the last several years. Further steps announced will only enhance India’s competitiveness. Easing of legal provisions is a need of the hour and therefore good announcements in the Budget.”

Tushar Mahajan, Secretary Chamber of Traders Federation said, ” This is a budget for the middle class. Tax slabs for income of Rs 0-3 lakh is nil, income above Rs 3 lakh up to Rs 5 lakh will be taxed at 5 per cent, income above Rs 6 lakh and up to Rs 9 lakh will be taxed at 10 per cent, for income above Rs 12 lakh up to Rs 15 lakh the tax rate is 20 per cent and above 15 lakh it is 30 per cent. This will also help the pensioners to a larger extent. government has ensured that the “economic structure” of the country remains “strong and stable”, while giving relaxation to those who need it.”

Ragini Sharma, a research scholar said, ” I’d like to extend gratitude to PM Modi. I won’t look at the Budget minutely. Going by today’s pronouncements, I believe that in the budget, respect for women increased. I also welcome the announcement of National Digital Library for children & adolescents.”

Monika Gupta, a working woman said, ” It is a revolutionary budget that will give relief to every section of society. New income-tax rates give relief to individuals. The outlay for PM Awaas Yojana has been enhanced by 66% in this budget, I welcome this. Every section of the society has been taken care of -including the middle class which contributes most to the economy.”

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