Union Budget proposals evoke mixed reaction in J&K

Srinagar:  Union Budget proposals presented by Finance Minister Nirmala Sitharaman on Saturday produced mixed reactions in Jammu and Kashmir.

Javid Ahmad Bhat, Kashmir Chamber of Commerce and Industry President, told IANS, “Ours is a mixed reaction to the Budget proposals. The total allocation has come down from last fiscal whereas we were expecting at least a 10 per cent increase in the Jammu and Kashmir Budget, but we are disappointed that this fiscal allocation is less than last.”

“We are happy to know that 50 new tourist destinations are being opened up in the new Financial Year. Kashmir being the crown of the country’s tourism, we expect that we will get most of these new tourist destinations, which will help the local economy.”

“For the middle class, raising the no-tax limit to Rs 12 lakh is a welcome step. Allocations to start-ups will definitely help the unemployed youth and the exemption limit for the MSME sector will boost industrial growth,” Bhat said.

“We also believe that the gap between last fiscal and the new fiscal in terms of Budget allocations will be bridged somehow by the Centre.”

The common man is happy to know that the no-income tax limit has been raised to Rs 12 lakh, but is a bit confused as to why doesn’t the Tax Slab table released with the Budget proposals match the Finance Minister’s commitment, Bhat added.

“We learn that there will be no tax upto Rs 12 lakh income per year and the table released shows the Income Tax slabs under the new tax regime for FY 2024-25 (Assessment Year 2025-26) are upto Rs 3,00,000: No tax or surcharge, Rs 3,00,001 to 7,00,000: 5 per cent on income exceeding Rs 3,00,000, Rs 7,00,001 to 10,00,000: Rs 20,000 plus 10 per cent of income above Rs 7,00,000, Rs 10,00,001 to 12,00,000: Rs 50,000 plus 15 per cent on the excess.”

“In layman’s terms, this means that while the standard deduction benefit has been dispensed with, it is only up to Rs 3 lakh that no tax becomes payable,” said Sajad Ahmad Sofi, a government employee.

Politicians like Sajad Gani Lone of the Jammu and Kashmir People’s Conference are rather dismissive of the Budgetary allocations for Jammu and Kashmir.

Sajad said on Saturday in an X post, “The proposed allocation to Jammu and Kashmir in the Union Budget is nearly Rs 41,000 crore. It is nearly Rs 1000 crore less than the previous allocation.”

“When adjusted for inflation it is reduced by another Rs 2 to 3,000 crore. I think it is time the CM asks for the return of those shawls, which he so slavishly gifted and wrapped around the shoulders of top echelons of BJP.”

“I think CM should also revise the cloudless weather commentary that he made in Sonmarg.”

“On a serious note dear CM —- Chief Ministerial duties go much beyond skiing and selfies. It is a serious and pious business. Do what it takes to deliver. People have voted for a deliverer, not a delivery boy.”

–IANS