New Delhi [India], February 2 (ANI): Amar Agarwal, President of the Sikkim Chamber of Commerce, on Monday welcomed the Union Budget 2026-27, praising the Government of India for adopting a balanced approach that emphasizes economic growth while maintaining fiscal discipline, highlighting that the continued focus on infrastructure development, capital expenditure and improved connectivity will support long-term growth and create employment opportunities across the state.

Speaking to ANI, Agarwal expressed special satisfaction over the inclusion of Sikkim in the 'Scheme for Development of Buddhist Circuits,' which also covers other Northeastern states. He said the scheme will aid in preserving temples and monasteries while showcasing the region's rich spiritual heritage. 'For Sikkim, where tourism supports many livelihoods, the initiative is expected to benefit small businesses, including hotels, tour operators, transport services, artisans, and young entrepreneurs,' Agarwal said.

He further said the Budget's support for health, education, rural development, women empowerment, and central tax devolution will provide financial stability to states with difficult terrain like Sikkim. While noting that there is no immediate tax relief, Agarwal said the focus on regional development, tourism promotion, and enterprise growth is encouraging. On behalf of the business community, he thanked the Union Finance Minister and the Government of India for recognising Sikkim's potential and supporting inclusive and sustainable development.

Earlier on Sunday, Union Finance Minister Nirmala Sitharaman presented the Union Budget 2026-27 in Lok Sabha, her ninth consecutive Union Budget, asserting that it is driven by 'Yuvashakti' and based on 'three kartavyas'.Some key budget announcements included an increase in public capital expenditure to Rs 12.2 lakh crore for FY 2026-27, up from Rs 11.2 lakh crore in the previous year, underscoring the government's continued focus on infrastructure-led growth.

Key initiatives include developing seven high-speed rail corridors connecting major cities, establishing new dedicated freight corridors, and operationalising 20 national waterways over the next five years to promote environmentally sustainable transport systems.

A major highlight on the taxation front was the announcement that the New Income Tax Act, 2025, will come into effect from April 2026, accompanied by simplified rules and redesigned forms to ease compliance for taxpayers. The Budget also proposes reductions in Tax Collected at Source (TCS) rates for overseas tour packages, education and medical expenses under the Liberalised Remittance Scheme. (ANI)