Budget 2024-25 draws varied reactions in Kashmir Valley

Srinagar, July 24: Finance Minister Nirmala Sitharaman, in her seventh consecutive budget presentation, unveiled the Union Budget 2024 in Parliament on Tuesday. The budget, which emphasizes support for women, youth, the poor, and farmers, also focuses on increased spending, job creation, and tax relief for the middle class. Many have lauded the budget as a significant step towards transforming India’s growth, with an emphasis on empowering various segments of society.
Experts have described the budget as a catalyst for “intensified economic growth” and “far-reaching reforms,” aimed at achieving ‘Viksit Bharat’. The focus on enhancing productivity and resilience in agriculture, alongside initiatives in natural farming and oil seeds production, is expected to benefit Jammu and Kashmir significantly.
The Union Budget 2024-25 has elicited mixed reactions from residents of the valley, including taxpayers and tax analysts. Rising Kashmir gathered insights from several locals regarding their views on the budget.
Naureen Keng, Entrepreneur: “As a common person, I do not see any relief in my everyday spending. Basic necessities are still overpriced, and the budget seems more class-centric rather than people-centric. A reduction in the costs of essentials like food and household goods would be more impactful for consumers.”
Aqsa Malik, Commercial Operations Analyst: “The reduction in customs duties on smartphones and accessories is a welcome move, potentially making them more affordable. The exemptions for cancer medicines will ease financial burdens on patients. However, the increased duties on ammonium nitrate, PVC flex banners, and PCBA could raise costs in agriculture, advertising, and telecom sectors, potentially impacting consumer prices. The overall effect will depend on how these changes play out in the market.”
Zaheeb Bhatt, Engineering student: “I was hoping for more support for students in this budget. While cheaper mobile phones are a positive step, education expenses continue to rise without any mention of student support. The increase in duty on telecom equipment might make internet bills even higher, which is concerning for those of us who rely on the internet for studies. On the other hand, the exemption of customs duty on additional cancer medicines is appreciated.”
Deepak Kumar, GM Sales, Tanishq J&K : “The reduction in customs duty from 15% to 9% on gold is a very customer-friendly decision. This will boost demand and allow us to offer more affordable jewelry, which is especially important when gold prices have been high. We are pleased to pass these benefits on to our customers.”
Saima Tabassum, Faculty in Indian Economy, Polity & Constitution: “This budget is balanced and addresses various economic issues. It focuses on farmers, youth, the poor, and women, while also aiming to transform agriculture, research, infrastructure, and renewable energy. With decreased NPA and fiscal deficit, the budget reflects positive changes and a shift towards a service sector economy. The emphasis on renewable energy is particularly promising.”