“The Central Budget 2025, being pro-people is on the whole a ‘Good Budget’. There is no doubt that the Government has woken-up and, has woken-up very well to help the growth and development of the garib, youth, annadata and nari. The rationalisation measures are expected to tackle the challenges faced by a significant segment of the population, aiming to provide targeted support and drive inclusive development, Dr. N. G. Khaitan, President of Bharat Chamber of Commerce stated.
“The major takeaway from the Budget is the much awaited tax exemptions to boost consumption. Additionally, a simplified compliance proposes significant reforms to simplify the tax structure and provide relief to taxpayers in the new Tax regime, the President observed.
“The removal of seven tariff rates and the increase in FDI limits, are welcome moves to boost production. It is also important that despite the tax relief, the Government has demonstrated fiscal discipline and has projected a fiscal deficit of 4.4 per cent, Dr. Khaitan felt. Overall, the announced measures are expected to stimulate growth, improve tax compliance and enhance India’s attractiveness as an investment destination, Dr. Khaitan stated.
“Dr. Khaitan emphasised that the new Income Tax Bill will have a big impact on the tax payers, considering that huge number litigations pending before courts of Law and harassment to the tax payers. Once implemented, new Income Tax Bill will be a game-changer in terms of revenue for the exchequer and ease of doing business for the industry, he emphasised.
“Proposal for a National Manufacturing Mission to provide policy support and strengthen the manufacturing sector is expected to streamline the policy issues and facilitate ease of business in the manufacturing sector. The Budget has also encouraging messages for the MSMEs, toy industry, fisheries, shipbuilding, leather manufacturing and a few other sectors, as well as for exporters. The thrust on addressing the challenges faced by the labour intensive industries and setting up of Mission for improvement of productivity in cotton production and textiles is welcome. Jute and tea industries requiring similar measures have, however, been excluded, Dr. Khaitan lamented.
“Considering that the Economic Survey, 2025 has recommended total de-regulation for the manufacturing sector, there appears to be no announcement to resolve the complexities faced by the industry and labour law simplifications. The need for greater investment in vocational training and industry-aligned education remains largely unaddressed, potentially slowing India’s progress in building a future-ready workforce, Dr. Khaitan remarked”.
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DR. N. G. KHAITAN, PRESIDENT
BHARAT CHAMBER OF COMMERCE, KOLKATA.
