Budget Lays Roadmap for Viksit Bharat: Tax Cuts, MSME Push to Spur Growth & Jobs ~ Rishi Bagla, Dy Chairman, CII Western Region
FinTech BizNews Service
Mumbai, February 1, 2025: The leading industry association CII has welcome the union budget for the FY2025-26 presented by Union Minister of Finance and Corporate Affairs, Smt Nirmala Sitharaman in the Parliament today.
This is a balanced budget, which caters to everyone from the common man to industry. Many of CII’s recommendations found a place in the budget, says Swati Salgaocar, Chairperson, CII Western Region. "The income tax cut will boost consumption and kick off a virtuous economic cycle by increasing production. The focus of budget is on our youth, women, economically backward and farmers. The National Manufacturing Mission, Centres of Excellence on AI and capacity enhancement of IITs will boost skill development, thereby driving innovation and exports," she adds.
The budget announced by the finance minister outlines the vision for Viksit Bharat. Rishi Bagla, Dy Chairman, CII Western Region, elaborates: "The income tax rationalisation will leave people with higher spending power in their hands, which will boost manufacturing and job creation. Schemes to foster innovation and relief provided for exports will aid India's competitiveness in the global markets. This will make India a manufacturing powerhouse. The thrust on MSMEs and startups will not just promote job creation but also technological advancements. Overall the budget clearly outlines the government's priorities, focusing on fostering economic growth, promoting inclusive development, supporting industries, and enhancing household confidence."
