SRINAGAR, FEB 01: The business community of Jammu & Kashmir has welcomed the Interim Union Budget 2024-25.
The Kashmir Trade Alliance (KTA) expressed its satisfaction and welcomed the allocation of Rs 37,277.74 crore to Jammu and Kashmir in the interim Union Budget.
Aijaz Shahdhar, the President of KTA, conveyed his appreciation for the significant allocation, highlighting that Rs 35,619.30 crore has been earmarked specifically to bridge the resource gap in the Union Territory. Shahdhar emphasized that this allocation is expected to provide a substantial boost to the local economy.
The KTA president acknowledged the Union Finance Minister’s strategic move of maintaining the tax slab unchanged, which is seen as a supportive measure for the middle class nationwide. Shahdhar expressed optimism that in the upcoming J&K Budget, the Union Finance Minister will consider and address additional concerns raised by the trading community, contributing further to the economic development of Kashmir.
Shahdhar expressed optimism that their concerns, encompassing requests such as amnesty for commercial power consumers, a business stimulus package, and other demands from the trading community, will find consideration in the upcoming Jammu and Kashmir Budget. This proactive approach is expected to play a pivotal role in fostering economic growth and development in the region.
While talking about budget reaction, Rahul Sahai Chair PHDCCI Jammu said “I think the Budget is inclusive development oriented growth oriented and lays a development path towards the viksit Bharat , I think that was the best that could be expected out of an interim budget but the move on fiscal consolidation the fiscal deficit to be 5.1% is a bold move which ensures that there will be strict inflation management.”
Sahai said Capex growth by over 11% to 11,00,000 crores will again have a spin off effect on construction activity , Employment and rural demand going up because of incomes with the rural poor specifically on technology Jai jawan Jai kisan Jai vigyan Jai anusandhan is the best .
Sahai said on manufacturing while there was nothing specific but when you look at those 3 corridors that have been announced those will have a great impact on reducing the logistics cost and therefore enhance the competitiveness of Indian manufacturing. “All in all as an interim budget, a very directional, bold and clear budget towards inclusiveness growth development and women empowerment and Sahai said without mincing any words Government is confident to come again and budget is also presented in that direction,” he said.
