UK Businesses Applaud India's Union Budget Focus on Growth and Investment

The Union Budget unveiled by Finance Minister Nirmala Sitharaman in the Lok Sabha has been well-received among UK investors, highlighting proposals for economic growth, private investment boost, and trust-based governance. Key areas include simplification of foreign investment conditions, tax reforms, and enhancements in infrastructure and regulatory frameworks.

The Union Budget presented by Finance Minister Nirmala Sitharaman has garnered positive responses from the UK business sector, emphasizing initiatives aimed at spurring economic growth and encouraging private investment.

Key highlights mentioned by Richard McCallum, CEO of UK India Business Council, included measures to simplify foreign direct investment conditions, policy reforms, and consumer spending stimulation. He praised progress on customs procedures, which could benefit India-UK trade negotiations.

Manoj Ladwa of India Global Forum highlighted budget provisions like a 100% FDI cap in insurance, transformative tax reforms, and enhanced credit guarantees for SMEs as pivotal to attracting global investors and ensuring sustainable growth.

(With inputs from agencies.)