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JAMMU, Feb 1: Confederation of Indian Industry (CII) welcomes the Government of India’s Budget 2020 which today unveiled a series of far-reaching reforms, aimed at energizing the Indian economy towards building a new and aspirational India, focusing on boosting income and enhancing the purchasing power of people.
Sanjay Puri, Past Chairman, CII J&K congratulated the Government of India and Ministry of Finance for promoting the all-round growth and development of UTs of Jammu and Kashmir and Ladakh.
He stated that CII is happy to note that the Union Budget has allocated Rs 30,757 crore for Jammu & Kashmir and another Rs 5,958 crore for Ladakh.
He specified that the government has come out with a budget which is balanced and comprehensive and covers major relevant sectors of our economy, community and society. He believed the budget is aspirational for young Indians and serves everything for everyone.
The government has well understood the major challenges and concerns of the Manufacturing Sectors and others. Also for the Tax payers, it is a big ticket announcement on Income tax regime as the slab on income from 2.5 lakh to Rs 5 lakh is 5%, From 5 to 7.5 lakh= 10%, From 7.5 lakh to 10 lakh.= 15%, From 10 lakh to 12.5 lakh income tax rate is : 20 percent and From 12.5 lakh to 15Lakh=25%.
CII also complimented the Finance Minister for initiatives such as seamless national cold supply chain for perishables, setting up of ‘Kisan Rail’ through Public-Private Partnership, incentivizing farmers to go solar, addressing water problem among others, he said. The Budgetary Allocation under the lead of agriculture & Allied Activities, irrigation and R&D has been increased to Rs 2.83 lakh crores, which will be a big game changer for Northern states, Mr Puri further added.
To sum up, CII would say it’s a long term view focusing on sustainable development of India. It’s an inclusive, forward looking and aspirational Budget.
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