'Balanced, growth-oriented': ASSOCHAM J&K hails Union Budget

The ASSOCHAM Jammu and Kashmir Council on Sunday hailed the Union Budget 2026-27 as balanced, growth-oriented and well-structured, welcoming infrastructure push, tourism promotion and enhanced allocation for the Union Territory. Manik Batra, Chairman of ASSOCHAM JK Council, described the budget as growth-driven with a strong focus on infrastructure, employment generation and industrial development.

The ASSOCHAM Jammu and Kashmir Council on Sunday hailed the Union Budget 2026-27 as ''balanced, growth-oriented and well-structured'', welcoming infrastructure push, tourism promotion and enhanced allocation for the Union Territory. In the budget presented in Parliament on Sunday, Union Finance Minister Nirmala Sitharaman proposed an allocation of Rs 43,290.29 crore for Jammu and Kashmir, nearly Rs 2,000 crore higher than the current financial year. Manik Batra, Chairman of ASSOCHAM J&K Council, described the budget as growth-driven with a strong focus on infrastructure, employment generation and industrial development. ''It is a well thought-out budget. Infrastructure, job creation, industries and MSMEs have received push from all sides. A capital expenditure of Rs 12.2 lakh crore has been set in the budget. MSMEs, which are the backbone of the Indian economy and the largest employment generating sector, have received strong support,'' Batra told reporters here. He said the budget is beneficial for the middle class as tax slabs have remained unchanged while the tax filing system has been further simplified. Batra termed the presentation of the budget on a Sunday as a ''significant moment''. The industry body expressed hope that enhanced financial allocation and policy measures would accelerate economic growth and employment generation in Jammu and Kashmir. ASSOCHAM J&K Council member Aditya Suri termed the budget as forward-looking, highlighting tax relief measures. ''Overall it is a balanced budget. The government has already given tax exemption limit up to Rs 12 lakh in the last budget,'' Suri, a chartered accountant, said. He said the government's decision to reduce Tax Collected at Source (TCS) rates would provide relief to taxpayers and businesses. ''The budget is balanced and growth-oriented. Where TCS rates were earlier 5 per cent or even 20 per cent, they will now be brought down to 1 per cent or 2 per cent. Overall, this is a broad-based and well-balanced budget,'' he said. Referring to tourism development, Suri said the government has proposed promotion of tourism in select states, including Jammu and Kashmir. ''The government has talked about promoting tourism in states like Odisha and J&K. For J&K, snowfall areas in Kashmir have been highlighted for development, including skiing and winter tourism,'' he said. Suri added that the budget reflects a comprehensive approach towards multiple sectors. ''The government has taken a well-approached strategy for every sector. The budget promotes sectors like agriculture, tourism and healthcare,'' he said. Another ASSOCHAM J&K Council member, Shivang Gupta, said the budget reflects the government's focus on strengthening defence preparedness. ''I believe the government has given due priority to defence-related budgets. Discussions on Rafale aircraft are ongoing, with a deal for 114 aircraft under consideration. The government has maintained a good balance as no changes have been made in taxes,'' Gupta said. He also welcomed the focus on tourism development and last-mile connectivity. ''The government will train 10,000 to 20,000 guides, which is a very good initiative. Tourism has been given a strong push. The focus on last-mile connectivity, especially in parts of Jammu that earlier lacked road access despite having good tourist spots, is commendable,'' he said. Gupta said that strengthening road infrastructure would boost tourism-related businesses, create opportunities for new hotels and improve livelihoods of local residents.

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