The Kanara Chamber of Commerce and Industry president Anand G. Pai said the Union Budget reflects the government’s commitment to fostering economic growth, supporting key sectors and enhancing ease of doing business in Mangaluru, on Saturday, February 1.
| Photo Credit: SPECIAL ARRANGEMENT
Vishal L. Salian, president of the District Small Industries Association welcomed the Budget 2025, calling it a progressive step towards empowering MSMEs and startups on Saturday, February 1, in Mangaluru.
| Photo Credit:
SPECIAL ARRANGEMENT
The Kanara Chamber of Commerce and Industry (KCCI), Mangaluru, on Saturday, February 1, said the Union Budget reflects government’s commitment to fostering economic growth, supporting key sectors and enhancing ease of doing business.
In a statement here, KCCI president Anand G. Pai said the theme of Viksit Bharat with focus on four engines of growth, agriculture, MSMEs, investments and exports, aligns with the aspirations of businesses and citizens, aiming for balanced and inclusive growth.
Amendments in the income tax structure would boost compliance and ease tax filing, he said welcoming the continued thrust on GST simplification and measures to improve tax administration. Specific changes in customs and excise duty could support the ‘Make in India’ initiative.
Mr. Pai said the revision in MSME classification criteria and enhancement in credit guarantee cover would help small businesses scale up operations without regulatory hurdles. The focus on labour-intensive sectors, including textiles, leather and toy manufacturing, was a positive step toward employment generation.
Long term economic growth could be achieved with the increased outlay for capital expenditure and infrastructure development, particularly in transport, energy, and digital infrastructure. Mr. Pai said the Urban Challenge Fund of ₹1 lakh crore and the focus on power sector reforms would strengthen urban development and energy security.
The Prime Minister Dhan-Dhaanya Krishi Yojana, focusing on agri-district development, is a progressive move, he said adding the Mission for Aatmanirbharta in Pulses and the support for FPOs and cooperatives would to benefit farmers and strengthen agricultural supply chains.
The KCCI also welcomed Budget proposals on financial sector reforms, employment and skill development initiatives and tourism sector reforms.
Additional measures sought
The KCCI sought certain additional measures, particularly in the MSME sector, including reduction in corporate tax rates, improved access to working capital and lower cost of borrowing and specific incentives for industries in Karnataka, including manufacturing, IT, and logistics, which were overlooked in the Budget.
Small Industries Association
Vishal L. Salian, president of the District Small Industries Association welcomed the Budget 2025, calling it a progressive step towards empowering MSMEs and startups. The enhanced credit guarantee under the CGTMSE scheme—doubling the cover for micro and small enterprises to ₹10 crore and for startups to ₹20 crore—would significantly boost access to formal credit, he said in a statement.
Additionally, the introduction of customised credit cards for micro enterprises, with ₹5 lakh limit, was a commendable initiative fostering financial inclusion.
Published – February 01, 2025 07:35 pm IST