Srinagar, 01-02-2024 : The interim budget presented by Finance Minister Nirmala Sitharaman has sparked contrasting opinions in Jammu and Kashmir, with the BJP hailing it as “people-friendly” and the National Conference expressing disappointment. The BJP’s J-K spokesperson, Altaf Thakur, lauded the budget, considering it a catalyst for the acceleration of Kashmir’s development. He particularly emphasized the positive impact on the tourism industry, citing the announcement of interest-free loans as a revolutionary step for Kashmir’s economy.
Thakur also commended provisions supporting Anganwari and ASHA workers and applauded announcements addressing youth welfare and employment. However, the National Conference spokesperson, Tanvir Sadiq, conveyed disappointment on behalf of the people, asserting that the budget lacked substantial measures for price inflation, job creation, and the common man’s concerns. Sadiq criticized the government for seemingly playing with numbers without addressing the pressing issues faced by the public.
Amidst these opinions, Chasfeeda, a woman entrepreneur, welcomed the finance minister’s focus on women-centric initiatives, encouraging women to seize the opportunities presented. The Women and Child Development Ministry’s allocation of Rs 26,000 crore in 2024-25, marking a 2.52% increase, received positive attention. Notably, Saksham Anganwadi and POSHAN 2.0 secured the highest fund allocation at Rs 21,200 crore, emphasizing the government’s commitment to women’s welfare and empowerment through Mission Shakti.
However, some sectors expressed unmet expectations. Suhail Shah, vice-president of Lal Chowk Traders Association, highlighted the high inflation and the anticipation of relief in GST or income tax, which did not materialize in the budget. He expressed hope for future changes post-elections, especially regarding a potential reduction in GST rates.
Finance Minister Sitharaman’s presentation of a vote on account for 2024-25 maintained income tax rates for individuals and corporates, as well as customs duty. The capital expenditure for 2024-25 saw an increase to Rs 11.11 lakh crore, and the fiscal deficit for the current financial year was reduced to 5.8%, with a further decrease to 5.1% projected for the next fiscal year. The mixed reactions reflect the diverse expectations and concerns of various segments in the region.