JAMMU, Feb 1: On Saturday, Jammu and Kashmir Lieutenant Governor Manoj Sinha described the Union Budget as “pragmatic,” emphasizing that it mirrors India’s aspirations for rapid growth and the promotion of the private sector.
Sinha highlighted that the updated tax structure represents a significant step forward in improving the quality of life for the middle class.
“I extend my heartfelt gratitude to Finance Minister Nirmala Sitharaman for presenting a pragmatic budget aimed at ‘Viksit Bharat.’ I also appreciate Prime Minister Narendra Modi for accelerating the economy and introducing bold developmental initiatives benefiting the poor, youth, farmers, and women,” the lieutenant governor shared on X.
Discussing the tax exemption for incomes up to Rs 12 lakh per annum under the new tax regime, Sinha remarked that it greatly supports the middle class.
“This revamped tax structure is a historic advancement toward improving the lives of the middle class. The Prime Minister has also offered significant relief to taxpayers by raising the TDS limit on rent, enhancing social security, and formalizing the gig economy,” he noted.
“The emphasis on agricultural growth through various initiatives, including the agricultural district program, aims to realize the vision of rural prosperity and social equity,” said the LG.
Sinha further pointed out that India is currently the fastest-growing major global economy, and this Budget is poised to enhance the infrastructure sector, micro, small and medium enterprises (MSMEs), energy sector, innovation, job creation, and will drive transformative reforms in vital areas, fostering more inclusive and sustainable growth.
