Excelsior Correspondent
JAMMU, Feb 1: There has been mixed reaction to the annual Union Budget for year 2020-2021 presented by Finance Minister, Nirmala Sitharaman in Lok Sabha today while BJP and trade bodies welcome the Budget, Congress said it failed the expectations of poor and common man.
Bari Brahmana Industries Association (BBIA) while welcoming the budget complimented Lt. Governor, G.C. Murmu for his sincere efforts for the grant of Rs. 30757 crore in the Union Budget for Union Territory of Jammu & Kashmir. It hoped that the UT Government will provide adequate share from its budget for the grant of fiscal incentives to the existing as well as new industrial units in respect of reimbursement of CGST/SGST/turnover incentives for the Import of raw materials and export of finished goods/transport incentives for incoming raw materials to compensate the impact of removal of Toll Tax and other related fiscal incentives for the financial year 2020-21.
The BBIA in a meeting here, today held under the chairmanship of Lalit Mahajan and attended by Tarun Singla senior vice president, Ajay Langer vice president, Viraaj Malhotra general secretary, Rajesh Jain secretary and Vivek Singhal treasurer BBIA besides other members discussed the Union Budget. The members present in the meeting also hailed the Budget 2020-21 presented by Nirmala Sitharaman, Union Minister of Finance by the virtue of which Rs. 27300 crore allocated to Industry & Commerce Ministry for the promotion of Industrial Sector. It urged the Union Government that the Union Territory of Jammu & Kashmir should be allotted the requisite funds for the grant of Central Government Fiscal Incentives for the existing units and new units on long term basis in 2020-21 and requested that due share for the fiscal incentives should be allocated to the Industrial Sector.
Confederation of Indian Industry (CII) also welcomed the Government of India’s Budget which today unveiled a series of far-reaching reforms, aimed at energizing the Indian economy towards building a new and aspirational India, focusing on boosting income and enhancing the purchasing power of people.
Jugal Kishore Sharma BJP MP extended his gratitude to Prime Minister, Narendra Modi and Union Finance Minister, Nirmala Sitharaman for providing Rs. 30, 757 crore to Jammu and Kashmir for 2020-21 financial year in Union Budget. He said that this budget will ensure consistency in growth of Indian economy in coming fiscal year.
Jugal said that budget produced in session will boost total development of J&K and bring prosperity to every class. He said that Union Budget is beneficial for all races and age of the citizens. It is for the upliftment of poor class and total growth of the society. Relaxation in Income Tax will empower youth, increase in economical growth and boost up all the sectors and luxuries.
He said that the Budget will nourish all the sectors and improve education, infrastructure and will empower every citizen to increase his growth graph. It is beneficial for all races and ages, he added.
Jammu Kashmir Pradesh Congress Committee (JKPCC) while commenting on budget said the Union Budget falls short of the expectations of the poor and common man and reflects the sorry state of affairs of the economy of our country at the moment especially the instability in the banking sector.
JKPCC has said that the poor and common man is unlikely to get any relief from the unprecedented price hike and ever rising inflation besides large scale taxation of various forms. The privatization moves in the budget like Railways, withdrawal of the Government from IDBI and reduction of share in LIC would further aggravate the situation, the statement added.
It said the wrong steps of the Modi Government like demonetization and disoriented GST and other pro rich policies have affected the banking sector which is evident from the announcement 3.50lakh crore assistance and assuring investors five lakh guarantee on deposits as people are fearing to keep deposits.
Chief spokesperson Ravinder Sharma said that the budget announced targets for farmers income like in the past for two crore jobs but farmers are going bad to worst economically day by day and unemployed are facing alarmingly high rate of unemployment. The Modi Government believed in making big announcements and false promises to forget them.
Sanjay Puri, former Chairman, CII J&K congratulated the Government of India and Ministry of Finance for promoting the all-round growth and development of UTs of Jammu & Kashmir and Ladakh. He stated that CII is happy to note that the Union Budget has allocated Rs 30,757 crore for Jammu & Kashmir and another Rs 5,958 crore for Ladakh.
He specified that the Government has come out with a budget which is balanced and comprehensive and covers major relevant sectors of our economy, community and society. He said the budget is aspirational for young Indians and serves everything for everyone. The Government has well understood the major challenges and concerns of the manufacturing sectors and others. Also for the Tax payers, it is a big ticket announcement on Income Tax regime as the slab on income from 2.5 lakh to Rs 5 lakh is 5%, From 5 to 7.5 lakh= 10%, From 7.5 lakh to 10 lakh.= 15%, From 10 lakh to 12.5 lakh income tax rate is : 20 percent and From 12.5 lakh to 15Lakh=25%, he added.
Bharatiya Janata Party (BJP) State Executive Member, Raman Suri while reacting to Union Budget today said that Finance Minister, Niramala Sitharaman has introduced a pro-middle class and pro-corporate sector budget that’s based on three themes of aspiration, economic development for all and a caring society. The budget, he added will improve living standards of people where they will have better access to health care schemes, good education system and better jobs for all sections of the society.
He said that Union Government for the past five years is working to establish India as an honest nation around the Globe to attract foreign investment. India is preparing for a larger canvas where investors from other countries are eager to invest and create employment. This budget is aimed at creating that platform.
Rahul Sahai, former chairman, CII has termed the budget as balanced. In a statement he said Government has again tried to push lot of projects like announcing good policies in infrastructure and Agriculture which can create more jobs. Although we were expecting some big announcements for J&K in terms of industry, as it was a long pending demand of some investment form Government side in some mother industry like , rail coach factory etc. But he complimented the Union Government for allocation of 37,000 crore for J&K.
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