INDUSTRY: Reform-driven blueprint for growth, inclusion: Biz honchos

The Union Budget 2025-26 has been widely praised by industry chambers and associations as a pragmatic and reform-oriented blueprint aimed at revitalising the economy. Business leaders lauded the Budget's focus on inclusive development, investment and structural reforms to drive growth, generate jobs and enhance consumption.

Advertisement

FM met our expectations

Finance Minister Nirmala Sitharaman has met expectations by providing a significant relief to taxpayers while maintaining a fiscal deficit of 4.4% of the GDP. — ASSOCHAM

Sanjiv Puri, president of the Confederation of Indian Industry (CII), commended the Budget, stating: “It provides a strong and convincing template for boosting growth and generating jobs, the twin imperatives for our economy today.” He highlighted the targeted interventions in agriculture, MSMEs, investment and exports, emphasising the collaborative approach with states to drive reforms across six key areas. The Budget, he added, is a step toward achieving the vision of Viksit Bharat, making India more prosperous, inclusive and future-ready.

Harsha Vardhan Agarwal, president of the Federation of Indian Chambers of Commerce & Industry (FICCI), echoed similar sentiments. "The government has made a strong effort to address immediate economic challenges, particularly boosting consumption while keeping a long-term focus on development," he said. He praised the Budget's emphasis on the farm sector, MSMEs, youth, and women, calling it a comprehensive and forward-looking financial plan.

The Budget’s positive impact on middle-class families and private sector investments was also acknowledged. “By lifting middle-class sentiments and encouraging private sector investments, demand across sectors is expected to improve,” Agarwal added.

The Associated Chambers of Commerce and Industry of India (ASSOCHAM) called the Budget “bold” and lauded its support for individual taxpayers. President Sanjay Nayar emphasised, “Finance Minister Nirmala Sitharaman has met expectations by providing significant relief to taxpayers while maintaining a fiscal deficit of 4.4% of GDP.”

Nayar particularly appreciated the budget's focus on agriculture, rural development, agro-processing, warehousing, and marine products, which, he said, would strengthen the rural economy. The decision to make annual incomes up to Rs 12 lakh tax-free and rationalise TDS/TCS thresholds was also praised for easing financial burdens on citizens and simplifying business operations for small entrepreneurs.

With a strong emphasis on investment, reforms and relief measures, the Union Budget 2025-26 has set the stage for sustained economic growth, enhanced consumption, and a resilient business environment.