Excelsior Correspondent
JAMMU, Feb 29: The budget presented by Union Finance Minister Arun Jaitley evoked mixed response in Jammu and Kashmir.
Terming the hike on excise duty on tobacco products in budget presented by the Union Finance Minister as ‘meager’, Voluntary Health Association of India (VHAI) has said that the budget proposals put forth by the FM will benefit the tobacco Industry.
“There was a meager 10 to 15 per cent hike on excise duty on chewing tobacco products. In fact, this time around, there is zero change in the Basic Excise Duty component and the change as proposed is effected only on the Additional Excise Duty, also known as Health Cess. There has been no proposal to simplify the complex cigarette tax structure that is only helping the industry in India. And by not making any increases on bidi taxes, the Government is forgoing a wonderful opportunity to help the cause of public health in the country”, VHAI spokesman said in a statement issued here.
Jammu West Assembly Movement (JWAM) held protest and burnt the copies of union budget. Terming the budget as anti-poor people, President, JWAM, Sunil Dimple said that as it has disappointed the people of the country and Jammu Kashmir particularly.
NCP held a meeting under the chairmanship of its Chief Randhir Singh. While speaking, Singh said that Union budget presented by Union Finance Minister to some extent is balanced adhering to the fiscal consolidation roadmap by proposing to keep the deficit at 3.5 per cent of GDP in 2016-17. Inspite of fragile global economy, challenge for the Finance Minister Arun Jaitley has been able to present a journalistic hype budget and not enough seen on the ground, he said, adding that Singh has not touched the bank defaulters who have grabbed taxpayers money. In the budget, J&K State particularly distinct regions of the State–Jammu and Ladakh have been constantly ignored by the Central and State Governments in all fields.
CPI (M) senior leader and MLA Kulgam Mohammad Yousuf Tarigami has said the budget presented by the Union Government reflects rosy figures and is devoid of any relief for the common man. “The budget is a routine exercise of rhetoric. It does not suggest anything substantial to provide relief to the common people. It has nothing significant to offer and instead has furthered desperation and disappointment for financially vulnerable sections of the society”, Tarigami observed.
Shreekant Somany, Chairman, CII Northern Region & Chairman & Managing Director, Somany Ceramics Limited compliments the Finance Minister for keeping the fiscal deficit target under control at 3.9 per cent in 2015-16 and projected deficit at 3.5 per cent in 2016-17 in the backdrop of additional fiscal burden due to the 7th Central Pay Commission recommendations, OROP and higher devolution to states on account of 14th Finance Commission reward. The overall focus of this year’s budget was on transforming India, which will have a significant impact on the lives of citizens, he added.
Rumjhum Chatterjee, Deputy Chairman, CII Northern Region and Group Managing Director (HCD), Feedback Infra Private Limited said that understanding that enabling infrastructure is critical for reviving the growth and also in attracting investments, this becomes more critical for land locked region as that of Northern Region. Government aims to give approval to nearly 10,000 kms of National Highways in 2016-17. An allocation of Rs 55,000 crore in the Budget for Roads and Rs 15,000 crore through bonds, total investment outlay of Rs 97,000 crore under the PM Gramin Saadhak Yojana were made. Further, steps such as introduction of Public Utility (Resolution of Disputes) Bill, issuing guidelines for renegotiation of PPP Concession Agreements and putting in place a new credit rating system for infrastructure projects are steps in the right direction for the infra sector, he added.
Welcoming the budget announcements, Sheikh Imran, Chairman CII J&K State Council said that the Finance Minister has placed a balanced budget with fiscal consolidation that include refreshing the rural economy, infrastructure build-up, relief for stressed assets and simplification of taxes.
Rahul Sahai, Vice Chairman, CII J&K State Council appreciated the budget and expressed that to encourage entrepreneurship and employment creation, this Budget has relaxed taxes on new manufacturing companies emerged on or after March 1, 2016 have been given an option to be taxed at 25 per cent plus surcharge and cess. In addition to this, the corporate tax rate for the next financial year for relatively small enterprises has been lowered to 29 per cent plus surcharge and cess, he added.
The union budget presented today lacks the direction to fulfill the promise of “Achee Din” to the common man besides creation of two crores job opportunities annually to meet the challenge of employment to the youth, while the imposition of additional services tax would lead to price hike burdening further the poor and common man, said GA Mir, JKPCC Chief while reacting to the union budget. Mir said that budget has failed to meet the expectations of the youth, farmers, low and middle income groups, salaried class as well as common man.
National Executive Member, ST Morcha and BJP leader Ishfaq-ur-Rehman Poswal said that for the first time in the history of country, the Finance Minister Arun Jaitely has catered to the needs of Schedule Caste and Schedule Tribe people in the budget.
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