Jammu, Feb 1 J&K Lt Governor, Manoj Sinha on Saturday hailed the Union Budget for 2025-2026, presented by Finance Minister Nirmala Sitharaman in the Parliament.
The Lt Governor posted on X: "My heartfelt thanks to Hon'ble Finance Minister Smt. Nirmala Sitharaman Ji for a pragmatic Budget for Viksit Bharat. Grateful to Hon'ble PM Shri Narendra Modi Ji for putting economy on a fast-track and bold development initiatives for poor, youth, farmers and women.
"Big boost to the middle class. The revised tax rate structure is a historic move to bring change in the lives of middle class. Hon'ble PM has also provided huge relief to taxpayers by raising the TDS limit on rent, enhancing social security and formalising the gig economy."
He said that Budget 2025-26 reflects India's growing aspiration for accelerated growth and to stimulate private sector investments.
"The focus on agricultural growth with various initiatives including Agri District Programme seeks to translate the vision of rural prosperity and social equity. India is the fastest-growing among all major global economies and this budget will further boost infrastructure sector, MSMEs, energy sector, innovation, employment generation, and push transformative reforms in key sectors for more inclusive and more sustainable growth," he said
The Union Budget has mostly been welcomed by middle class, hoteliers. Industrialists and other business community members. Javaid Ahmad Tenga, president of Kashmir chamber of commerce & industry has said that the setting up of 50 new tourist destinations, increase in the annual income tax exemption up to Rs 12 lakhs and allocation for start-ups would benefit people across the board.
Javaid Ahmad Tenga, however, said the reduction in the budget allocation for Jammu and Kashmir had come as a disappointment to the business community.
There has been expression some confusion by the people belonging to the middle class as to the alleged mismatch between the finance minister’s statement about no income tax up to Rs 12 lakh income per year and the tax table released that makes only Rs 3 lakh non-taxable per year.
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