Karnataka trade stalwarts welcomed the union funds introduced by Finance Minister Nirmala Sitaraman on Saturday saying the give attention to infra, consumption, and funding will assist the financial system.
Union Finance Minister Nirmala Sitharaman presents the Union Finances 2025-26 within the Lok Sabha, in New Delhi, Saturday, Feb. 1, 2025. (Sansad TV)
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Kiran Mazumdar-Shaw, Govt Chairperson of Biocon Restricted stated the Union Finances 2025 is reassuring, because it instils confidence that India is investing in the best areas to drive steady and inclusive financial development.
The numerous revenue tax reduction, with no tax payable as much as ₹12 lakh revenue, will put extra money within the fingers of the individuals and thus increase home consumption, she stated on social media ‘X’.
“Consumption, investment, innovation and employment are the four pillars of our economic growth model and FM Nirmala Sitharaman has focused on all aspects of those segments,” she added.
N Venu, Chairman of Confederation of Indian Business (CII) Karnataka State Council in an announcement stated the funds strengthens the muse for ‘Viksit Bharat’ with its sharp give attention to infrastructure, rural resilience, and personal sector development.
“A balanced energy transition, especially the aim to add 100GW nuclear energy along with eliminating civil liability, clean-tech innovation, and strategic capital investments pave the way for sustainability, self-reliance, and global leadership,” added Venu.
Additionally Learn – Karnataka DCM DK Shivakumar urges honest funds allocation, calls for justice in Union Finances 2025
With progressive reforms in infrastructure, manufacturing, and ease of doing enterprise, Finances 2025 fosters an atmosphere for innovation and funding, Vice-Chairman, CII Karnataka State Council, Rabindra Srikantan, stated in an announcement.
“The push for clean energy, technology advancement, and a robust logistics ecosystem further accelerates India’s transformation,” he added.
The Finances’s sustained give attention to capex spend and extra money within the fingers of the middle-income group resulting from massive tax reduction, will present a fillip to demand development and employment, whereas being fiscally accountable, former Chairman of CII, Southern Area, Kamal Bali, stated in a launch.
“Subject to the fine print, every sector of society and economy (including MSMEs, agri, startups, tourism, skilling, training in AI), have been thought of and provided some sort of support for transformational growth,” he added.
The Finances is inclusive because the finance minister has taken care of the agricultural and manufacturing sectors with the rationalisation of customized duties, give attention to skilling initiatives by means of the creation of centres of excellence, and continued give attention to capital expenditure, Deepak Bhall, Convenor of CII Karnataka Financial Affairs Panel stated.
“All this while maintaining fiscal discipline — 4.8% fiscal deficit this year and a target of 4.4% for next year,” he added.
Federation of Karnataka Chamber of Commerce and Business (FKCCI) president M G Balakrishna in an announcement stated, “The budget is pretty good. We had asked for a few things such as Tax Deduction at Source (TDS) and Tax Collection at Source (TCS). The government has considered that and removed TCS,” Balakrishna instructed PTI.
The funds favours the center class by giving tax exemptions for revenue as much as ₹12 lakh a yr. MSME, agriculture and manufacturing sector get significance, he stated.
Some supplies imported by industries and a few medication are exempted from customs responsibility. “That will be a good development for the manufacturing and health sectors,” Balakrishna added.
Vineet Verma, President of Bangalore Chamber of Business and Commerce (BCIC) additionally stated the discount in tax charges and the rise within the tax threshold for the center class will promote consumption.
“The middle class is the backbone of our economy, and these measures will provide much-needed relief and encouragement to spend, ultimately driving economic growth,” he added.
Manipal Hospitals chairperson H Sudarshan Ballal termed the funds middle-class pleasant and good for the healthcare sector.
“As far as the healthcare sector is concerned a few notable points are – setting up of day-care cancer centres in all district hospitals and establishing 200 hospitals in 2025-2026. These will certainly help take care of the increasing burden of cancer patients especially in the non metros,” he opined.
Ballal additionally lauded tax exemption to 36 life-saving medication for most cancers, uncommon ailments and continual extreme illnesses and enlargement of affected person help programmes.
He additionally hailed rising 10,000 further medical seats in medical faculties with an goal so as to add 75,000 seats in subsequent 5 years. This transfer will enhance the doctor-to-population ratio, he opined.
ANSR Inc CEO Lalit Ahuja appreciated the funds saying that the Finance Minister acknowledged the International Functionality Centre (GCC) trade on this yr’s funds.
“This recognition marks a pivotal moment for our sector, poised to break through the sound barrier of growth and emerge as a vital component of India’s IT landscape,” Ahuja stated.
The proposed nationwide framework shall be instrumental in unlocking the potential of tier-two cities, driving the following wave of development, and enabling us to construct a sturdy expertise provide engine that fuels innovation and excellence, he felt.
Commerce activist Sajjanraj Mehta stated the Union Finances 2025 introduces a number of measures geared toward enhancing the monetary well-being of India’s center class and stimulating financial development.
Mehta opined that the Revenue Tax reforms the place ₹one Lakh crore cash saved by taxpayers will increase the financial system, enhance the livelihood of a giant part of individuals and assist them in combating inflation.
He additionally hailed the Nationwide Manufacturing Mission, which is able to promote industrial development and job creation.