Kolkata, 1st February 2025: Indian Chamber of Commerce (ICC) organised Live Viewing of Union Budget 2025-26 to discuss the standpoints of the chamber. The session witnessed valuable insights from Abhyuday Jindal, President, Indian Chamber of Commerce (Virtually); Parthiv Vikram Neotia, Vice President, Indian Chamber of Commerce; Pallav Gupta, Head-Taxation (Retired), ITC Limited; Gaurav Jalan, Director, New Arena Holding Pvt. Ltd.; Rupali Basu, President, Group Brand Research & Management, RPSG Group; Apurva Salarpuria, Director, Salarpuria Properties Pvt. Ltd.; Nayantara Palchoudhuri, Director, Washabarie Tea Co Pvt Ltd; Sanjay K Jain, Managing Director, TT Ltd; Ashish Chhawchharia, Practice Head-Eastern Region, Grant Thornton India LLP; Prashant Jalan, Managing Director, Bengal Nestor’s Industries Ltd.; and Dr. Rajeev Singh, Director General, Indian Chamber of Commerce.
Commenting on the overall Budget session, Abhyuday Jindal, President, Indian Chamber of Commerce, said, “The 2025 budget is a forward-thinking financial blueprint, prioritising sustainable development, economic growth and social welfare with a clear vision for Viksit Bharat 2047. It places strong emphasis on tax reforms, infrastructure development and dedicated support for MSMEs, which will not only strengthen business management but also generate employment opportunities. A key highlight is the increased spending across crucial sectors such as healthcare, education, the toy industry and renewable energy. This strategic allocation will have a direct and positive impact on the lives of citizens. Additionally, notable measures such as the enhanced credit guarantee for MSMEs, the introduction of customised credit cards for micro-enterprises and the addition of 10,000 new seats in medical colleges serve as strong building blocks for the future. The budget also prioritises infrastructure spending, including initiatives like the UDAAN scheme and shipbuilding, which will further boost economic growth. Overall, this is a comprehensive and inclusive financial plan that holistically addresses the needs of various stakeholders—citizens, businesses, and the environment. This budget marks a significant step toward realizing India’s long-term development goals and building a Viksit Bharat by 2047. It is a progressive and welcome move in the right direction.”
After reviewing the budget, Parthiv Vikram Neotia, Vice President, Indian Chamber of Commerce, said, “The 2025 budget reinforces the vision of India for India, emphasising trust between the government and its citizens. Key themes include income tax reforms, reduced compliance burdens and support for MSMEs, all of which will boost business efficiency, create jobs and strengthen India’s global trade position. The decriminalisation of TDS and TCS further reflects the government’s commitment to ease regulations. Tax relief for incomes up to ₹12 lakh will drive consumption, savings and investments. Increased spending on healthcare—such as upgrading 200 district centres for oncology care and reducing import costs for essential drugs—will enhance accessibility and affordability. Infrastructure remains a priority, with the expansion of the UDAN scheme to 120 new destinations and the development of 50 new tourism hubs, positioning India as a global travel destination. The budget also focuses on energy security with significant investments in renewable energy and nuclear power to ensure affordability and sustainability. Education and skill development receive a boost with increased medical and IIT seats, along with expanded upskilling initiatives to prepare India’s workforce for the future. A strong emphasis on research and innovation will drive long-term economic independence, reducing reliance on foreign technologies. Overall, this is a well-balanced and forward-thinking budget—pro-business, pro-individual and pro-citizen—paving the way for a Viksit Bharat 2047. As a chamber, we welcome this progressive roadmap.”
Dr. Rajeev Singh, Director General, Indian Chamber of Commerce, said, “This budget is very pragmatic, trust based, consumption driven yet highly futuristic with focus on sustainable growth, Technology, clean fuel etc. Provisions have been made to boost domestic consumption, disposable income to give fillip to the manufacturing cycle including MSMEs, Agriculture, Logistics as the Prime Factors. Skill development, social security and Healthcare initiatives has also been taken care of. I am sure, this budget will lay the foundation of a developed nation with inclusive development.”
