J&K Lt Governor Commends Union Budget for Viksit Bharat

Synopsis

On February 1, J&K Lt Governor Manoj Sinha expressed his appreciation for the Union Budget 2025-2026 presented by Finance Minister Nirmala Sitharaman. He highlighted the budget's focus on supporting the middle class and boosting various sectors to facilitate India's growth.

Key Takeaways

Manoj Sinha lauds the Union Budget for its pragmatism.
Increased tax relief for the middle class.
Focus on agricultural growth and rural prosperity.
Positive reception from various sectors including tourism.
Concerns over budget cuts for Jammu and Kashmir.

Jammu, Feb 1 (NationPress) J&K Lt Governor, Manoj Sinha on Saturday praised the Union Budget for 2025-2026, which was introduced by Finance Minister Nirmala Sitharaman in the Parliament.

The Lt Governor shared on X: "I extend my sincere gratitude to Hon'ble Finance Minister Smt. Nirmala Sitharaman Ji for presenting a pragmatic Budget aimed at Viksit Bharat. I am also thankful to Hon'ble PM Shri Narendra Modi Ji for accelerating our economy with daring development initiatives that support the underprivileged, youth, farmers, and women.

"This Budget provides a substantial boost to the middle class. The revised tax rate structure represents a groundbreaking change in enhancing the lives of the middle class. Hon'ble PM has also offered significant relief to taxpayers by increasing the TDS limit on rent, improving social security, and formalizing the gig economy.

The Lt Governor emphasized that the Budget 2025-26 embodies India’s rising aspirations for enhanced growth and aims to stimulate private sector investments.

"The emphasis on agricultural advancement through several initiatives, such as the Agri District Programme, aspires to realize the vision of rural prosperity and social equity. India is leading as the fastest-growing economy among major nations, and this budget will further enhance the infrastructure sector, MSMEs, energy sector, innovation, employment generation, and promote transformative reforms in key areas for a more inclusive and sustainable growth trajectory," he stated.

The Union Budget has received positive feedback from the middle class, hoteliers, industrialists, and various members of the business community. Javaid Ahmad Tenga, president of the Kashmir Chamber of Commerce & Industry, mentioned that the establishment of 50 new tourist destinations, the rise in the annual income tax exemption limit to Rs 12 lakhs, and the allocation for start-ups would greatly benefit the populace.

However, Javaid Ahmad Tenga expressed disappointment regarding the decrease in budget allocation for Jammu and Kashmir, which has left the business community concerned.

There has been some confusion among the middle class regarding the perceived inconsistency between the finance minister's assertion of no income tax for those earning up to Rs 12 lakh annually and the tax table that states only Rs 3 lakh is non-taxable each year.