Lucknow: The Central Budget aims to accelerate inclusive development while enhancing the spending power of the middle class, said Engineer D.P. Singh, President of the Associated Chambers of Commerce and Industry of Uttar Pradesh, during the post-budget analysis session.
Singh appreciated the government’s announcement under the new tax regime proposing zero tax on income up to INR 12 lakh. He also lauded the focus on exports, tourism development, and the healthcare sector, which are expected to boost economic growth significantly.
Mukesh Singh, Senior Vice President of the Chamber, emphasized the critical role of MSMEs, calling them the backbone of the manufacturing sector. “The government is prioritizing the needs and potential of MSMEs. The strategic decision regarding MSME classification is set to be a game-changer,” he stated.
Highlighting the government’s commitment to accelerating growth in education and healthcare sectors, especially in the textile industry, Secretary Ramesh Malhotra pointed out the revisions in basic customs duties as a key budget feature.
Appreciating the announcement of health insurance coverage for online platform workers, General Secretary D.K. Mishra noted that it marks a significant step towards social security for gig economy workers.
Discussing Budget 2025, Mukesh Singh remarked, “The budget strengthens tourism, skill development, visa facilities, and destination development. The increase in credit guarantee cover from INR 10 crore to INR 20 crore for startups, along with the reduction of guarantee fees to 1%, will ease challenges faced by young entrepreneurs.”
He further added that the government’s focus on easy export credit, cross-border support, and MSME assistance is a decisive step towards strengthening India’s global trade position.
