‘Pragmatic’ Budget reflects India’s growing aspiration to stimulate private sector: J&K LG

JAMMU: Jammu and Kashmir Lieutenant Governor Manoj Sinha on Saturday called the Union Budget “pragmatic”, and said it reflects India’s growing aspiration for accelerated growth and to stimulate the private sector.

Sinha also said the revised tax structure is a historic move to bring change in the lives of the middle class.

“My heartfelt thanks to Finance Minister Nirmala Sitharaman for a pragmatic budget for ‘Viksit Bharat’. Grateful to Prime Minister Narendra Modi for putting economy on a fast-track and for bold development initiatives for the poor, youth, farmers and women,” the lieutenant governor (LG) posted on X.

Referring to the tax exemption on income of up to Rs 12 lakh per annum under the new tax regime, Sinha said it is a big boost to the middle class.

“The revised tax structure is a historic move to bring change in the lives of the middle class. The prime minister has also provided huge relief to the taxpayers by raising the TDS limit on rent, enhancing social security and formalising the gig economy,” Sinha said.

“The focus on agricultural growth with various initiatives, including the agri district programme, seeks to translate the vision of rural prosperity and social equity,” the LG said.

India is the fastest-growing among all major global economies and this Budget will further boost the infrastructure sector, micro, small and medium enterprises (MSMEs), energy sector, innovation, employment generation, and push transformative reforms in key sectors for more inclusive and more sustainable growth, he said. (PTI)