Industry captains hail Budget, term it 'growth-oriented'
The Union Budget for the upcoming financial year 2025-26 has been hailed as positive and growth-oriented by the industry here.
Describing it as a milestone for the Micro, Small, and Medium Enterprises (MSME) sector, Rajiv Chawla, Chairman, Integrated Association of Micro Small and Medium Enterprises of India (IamSME of India), said the announcements by the Finance Minister deserved an applause for its transformative approach and progressive vision. "This year's Budget introduces pivotal reforms aimed at invigorating the MSME sector while fostering inclusive economic growth," he remarked, adding that the revised MSME classification included businesses with turnovers between Rs 100 crore and Rs 500 crore, broadening the access to government incentives and subsidies.
Claiming that the reclassification was poised to bring immense potential for growth within this vital sector, Chawla says it will play a critical role in nurturing innovation and entrepreneurship and invigorating the country’s startup ecosystem. "The exemption in the income tax up to Rs 12 lakh and the introduction of new slab rates will stimulate economic participation and enhance savings for millions of individuals and families, providing much-needed financial relief," he said, adding that the new Income Bill was expected to streamline and simplify the tax compliance processes and regulatory practices.
Raj Bhatia, president, Faridabad Industries Association (FIA), said the Budget appeared positive for the industry and the middle class as several incentives had been announced. Claiming that the enhanced credit guarantees and the provision of collateral-free loans up to Rs 20 crore would aid exports, he said it would drive growth and enable seamless expansion of the MSME sector, in both the local and global market.
Reforms aimed at improving property ownership taxation and simplifying fiscal regulations underscored the government's commitment to transparent governance and sustainable development.
Describing the Budget as wholesome, Pramod Rana, president, IMT Industries Association, said it promised to redefine opportunities for millions of entrepreneurs, ensuring equitable growth and progress across the nation. He said the introduction of the credit cards with limits up to Rs 5 lakh for 10 lakh micro-enterprises, and collateral-free loans aimed specifically at empowering first-time women entrepreneurs, as also Scheduled Castes and Scheduled Tribes business persons. He said the initiatives were likely to invigorate the essence of unwavering dedication for strengthening the economic framework while nurturing innovation and entrepreneurship.
The state president of the Haryana Vyapar Mandal, Vijay Laxmi Chand Gupta, also welcomed the provisions in the Budget, claiming that the increase in loan guarantee cover for MSMEs had been a long-standing demand. The mandal also supported the removal of social welfare surcharge, increase in the limit of TDS to Rs 10 lakh and exemption on rental income to Rs 6 lakh.
