Industry-Friendly Exercise With Focus On Growth

One of the budget highlights was the Minister's proposal to significantly reform the country's customs structure aimed at simplifying the tariff system and supporting domestic manufacturing. The proposal included the removal of seven tariff rates, leaving only eight remaining, including a zero rate - Suresh Kumar Singhal, President, FTCCI

Hyderabad: The Federation of Telangana Chambers of Commerce and Industry (FTCCI) has praised the Union Budget presented by Finance Minister Nirmala Sitharaman as industry-friendly, progressive, and development-oriented. Speaking to the media shortly after the budget's unveiling, Suresh Kumar Singhal, President of FTCCI, expressed his satisfaction, highlighting the budget’s focus on multiple sectors including industry, salaried individuals, healthcare, and the common people.

Singhal emphasised that the budget was a significant step forward, addressing the needs of all stakeholders. "It's a positive, progressive, and development-oriented budget," Singhal stated. He also applauded the Finance Minister for increasing the personal income tax exemption limit to Rs12 lakh, a proposal FTCCI had recommended, which came as a pleasant surprise.

A key highlight of the budget, according to Singhal, was the reform of India’s customs structure aimed at boosting domestic manufacturing. The proposal to simplify the tariff system by removing seven tariff rates was welcomed by FTCCI, signaling a move toward greater efficiency and growth in the manufacturing sector.

The introduction of the National Critical Minerals Mission, aimed at making India self-reliant in critical minerals such as lithium and cobalt, was another crucial measure. This initiative, Singhal noted, will support the manufacturing of lithium-ion batteries for electric vehicles, a key component of India’s transition to a net-zero emission economy.

FTCCI also welcomed the Finance Minister’s proposal to introduce a two-year time limit for finalizing provisional customs assessments, a move designed to streamline customs processes and improve trade efficiency. These measures, Singhal suggested, are aligned with the government’s vision of achieving a $5 trillion economy by 2047.

The budget’s support for the MSME sector, often considered the backbone of the Indian economy, was particularly appreciated by FTCCI. Singhal highlighted that many recommendations made by the industry body were reflected in the budget, including incentives for MSMEs, skill development, and the simplification of the Income Tax Act. The Tourism Committee of FTCCI also lauded the budget’s focus on promoting the tourism sector, with proposals to enhance regional connectivity, develop 50 tourist destinations, and promote medical tourism. Additionally, the extension of Mudra loans to homestays, particularly in smaller towns, was seen as a step toward generating employment and boosting local economies.

Overall, the FTCCI commended the Union Budget for addressing critical issues in infrastructure, taxation, and skill development, creating a roadmap for India’s economic growth in the coming decades.