FICCI Applauds Union Budget 2025-26 for Balanced Economic Growth Vision

The Federation of Indian Chambers of Commerce and Industry (FICCI) has praised the Union Budget 2025-26 for addressing immediate economic issues and focusing on 'Viksit Bharat'. Key initiatives include tax revisions, investment in agriculture, MSME support, and education enhancements to boost economic growth and improve global competitiveness.

The Federation of Indian Chambers of Commerce and Industry (FICCI) has expressed strong approval of the Union Budget 2025-26, asserting that it tackles immediate economic hurdles while maintaining a strategic focus on the long-term vision of 'Viksit Bharat'. FICCI president Harsha Vardhan Agarwal praised the government's balanced approach, highlighting the Budget's comprehensive roadmap that is both inclusive and future-oriented.

According to a release, the Budget addresses key economic challenges, particularly consumption, amid slowing growth, while pursuing the ambitious target of 'Viksit Bharat'. The fiscal measures are anticipated to lift the middle-class sentiment and inspire the private sector to embark on investment plans, as demand improves across various sectors.

Key initiatives include a revision in personal income tax to boost disposable income and consumption, and a strategic increase in capital expenditure to signal growth. The Budget also emphasizes agriculture, with a focus on 100 districts with lower productivity and a National Mission on High-Yielding Seeds. These align with FICCI's recommendations and aim to combat climate change impacts, address inflation, and secure food supply.

Further initiatives recognize MSMEs as economic vital, revising classification criteria and doubling credit limits with guarantee coverage, poised to enhance growth. Labour-intensive sectors like footwear, leather, and food processing, positioned in Tier 2 and Tier 3 cities, are targeted for employment generation. The government spotlights the maritime sector with a Maritime Development Fund and expands the UDAN scheme to connect more destinations, fostering new growth areas.

To bolster the 'Make in India for the World' initiative, Bharat Trade Net is introduced, aiming to unify trade documentation and boost export efficiency. A significant portion of the Budget is dedicated to upgrading India's skilling system, with plans to expand IITs and medical education and set up Atal Tinkering Labs, equipping youth for future industry demands. Additionally, regulatory reforms, including a revamped Central KYC registry and new Income Tax Bill, reflect the commitment to 'Minimum Government, Maximum Governance'.

(With inputs from agencies.)