FTCCI Hails Union Budget as Industry-Friendly, Common People Friendly, and Progressive
The Federation of Telangana Chambers of Commerce and Industry (FTCCI), one of the most vibrant regional trade bodies in India, has lauded the Union Budget, calling it a development-oriented, positive, and all-stakeholders-friendly budget.
Hyderabad: The Federation of Telangana Chambers of Commerce and Industry (FTCCI), one of the most vibrant regional trade bodies in India, has lauded the Union Budget, calling it a development-oriented, positive, and all-stakeholders-friendly budget.
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In an interaction with the media following Union Finance Minister Nirmala Sitharaman‘s eighth consecutive budget, Suresh Kumar Singhal, President of FTCCI, expressed his satisfaction with the budget’s provisions, emphasizing that it is not only industry-friendly but also beneficial to common people, salaried individuals, and patients.
A Positive and Progressive Budget
Singhal summarized the Union Budget as an all-stakeholders friendly, positive, and progressive document that is aligned with the country’s development goals. He congratulated Finance Minister Nirmala Sitharaman for addressing multiple sectors and areas of business and society in her proposals.
“I am happy because we recommended raising the individual income tax limit to ₹9 lakh. But, the Minister surprised everybody by raising it to ₹12 lakh,” Singhal shared.
Customs Reforms and Domestic Manufacturing Growth
A key highlight of the budget was the Finance Minister’s proposal to reform India’s customs structure, simplifying the tariff system and supporting domestic manufacturing. The removal of seven tariff rates, leaving only eight remaining, including a zero rate, was hailed as a major positive change that will significantly boost India’s manufacturing sector. Singhal expressed his appreciation, calling it a good signal for industry growth.
National Critical Minerals Mission to Boost Economic Growth
Singhal also welcomed the announcement of the National Critical Minerals Mission, which aims to make India self-reliant in critical minerals like Lithium and Cobalt. These minerals are crucial for India’s economic growth and transition to a net-zero emission future, particularly for the manufacturing of lithium and electric vehicle (EV) batteries.
Streamlining Customs Processes and Boosting Trade Efficiency
Among other key proposals in the Finance Minister’s speech was the introduction of a two-year time limit for finalizing provisional customs assessments. Singhal called this a beneficial move for streamlining customs processes, boosting trade efficiency, and aligning with India’s goal of a $5 trillion economy by 2047.
Focus on MSME Sector
FTCCI, a staunch advocate for the MSME (Micro, Small, and Medium Enterprises) sector, welcomed the budget’s provisions aimed at supporting MSMEs. Singhal highlighted that the government’s efforts to boost this vital sector are a step in the right direction.
Education and Skill Development Investment
The budget also focused on education and skill development, with an allocation of ₹1.48 lakh crore for education, employment, and skill development. Additionally, the announcement of 10,000 fellowships for technological research in IITs, along with enhanced support for private sector R&D, was appreciated by FTCCI’s leadership.
Infrastructure and Cold Chain Improvements
The FTCCI also welcomed initiatives to improve cold chain infrastructure in India, particularly addressing last year’s concerns about food and retail inflation. The budget’s increased spending on infrastructure and skill development was seen as a positive for multiple sectors, including the trade and industry sectors.
Simplification of Income Tax Act and Reduced Compliance Burden
The proposed simplification of the Income Tax Act, set to be introduced in the next two weeks, was widely praised. Sudhir V.S, Chartered Accountant and Committee Chairman on Direct Taxes, expressed his excitement about the long-pending reforms, which are expected to enhance ease of compliance, reduce litigation, and bring tax certainty.
Tourism Sector Boost and Rural Development
FTCCI’s Tourism Committee members applauded measures proposed to boost the tourism and hospitality sectors, including developing 50 tourist destinations with state partnerships, easing visa norms, and promoting medical tourism. The extended Mudra loans for homestays in smaller towns and villages were seen as a step toward creating job opportunities and strengthening local economies.
