New Delhi: Indian industry on Saturday hailed the Union Budget 2025-26 saying the Government has made a strong effort to address the immediate challenges being faced by the economy, particularly on the consumption front by presenting a “Bold” budget giving significant relief to individual tax payers while maintaining the fiscal deficit at 4.4 per cent GDP.
Commenting on the Union Budget 2025-26 proposals announced by Finance Minister Nirmala Sitharaman, apex industry body FICCI said “Through the Budget the government has made a strong effort to address the immediate challenges being faced by the economy, particularly on the consumption front, while keeping an eye on the long-term target of pursuing the vision of ‘Viksit Bharat’.”
FICCI would like to compliment the Finance Minister for a comprehensive, inclusive and forward-looking budget that encompasses a heavy dose of reforms, fiscal stimulus and a clear focus on the farm sector, MSMEs, youth and women of the country, the industry chamber said.
“The Budget proposals will re-energise the economy by lifting the sentiments of the middle class and nudging the private sector to advance its investment plans as demand improves across sectors,” FICCI President Mr Harsha Vardhan Agarwal said.
Echoing similar views, ASSOCHAM termed the Budget as “Bold” which will boost consumption particularly from the vibrant middle-class families. ‘The finance minister has placed her confidence in the middle class for leading the consumption-led growth’. At the same time, there is a clear focus on unleashing the potential of the MSMEs, Startups and exports.
Commending the Budget, World Travel & Tourism Council, India Initiative (WTTCII) Chairman Deep Kalra said “The Union Budget 2025-26 demonstrates the government’s continued focus on elevating India’s tourism ecosystem. The increased allocation of Rs 2,541.07 crore for the Ministry of Tourism, coupled with a significant rise in capital expenditure, underscores a clear intent to enhance tourism infrastructure.”
According to a leading consultancy firm KPMG, the Union Budget 2025-26, released today, lays out a balanced and strategic framework to drive India’s economic momentum while ensuring fiscal prudence.
“The government’s emphasis on four key growth engines MSMEs, Agriculture, Investments, and Exports – demonstrates a clear commitment to inclusive and sustainable development. A significant highlight of this budget is the reform in direct taxation, particularly restructuring of income tax slabs to enhance the spending power of the middle class and stimulate consumption,” Manoj Kumar Vijai, Office Managing Partner – Mumbai & Head – Risk Advisory, KPMG in India, said.
Shefali Goradia, Chairperson, Deloitte South Asia, said “The Union Budget 2025 truly focuses on accelerating growth by adopting measures for inclusive development and further improve upon the ease of doing business. Prioritizing sustainable growth, innovation, and green energy solutions and measures such as social security scheme for gig workers, setting up of digital public infrastructure network and moving the further growth in GCCs to Tier II cities show, that the Government is willing to walk the talk on democratization of the economy.”
On the proposal of raising FDI in insurance to 100 per cent, Satishwar B., MD & CEO, Bandhan Life Insurance, said “The Union Budget 2025 introduces significant reforms, particularly with FDI in insurance raised to 100 percent. India, with its rapidly growing economy and middle class, offers immense opportunities for global investors. This move will attract capital and expertise, boosting market competitiveness, driving innovation, and offering consumers more choices.”
Mr. Sajjan Jindal, Chairman and Managing Director, JSW Group, commented “This budget provides more money in the hands of the middle class which will help boost consumption. A change in tax slabs is a welcome step. The government has maintained its thrust on capex though the spend of Rs 11.2 lakh crore is lower than a spending of around 13 lakh crores that I was hoping for, based on the past trend. But still, capex spend is at a robust level and will give a boost to the core sectors.”
Mr. Shikhar Aggarwal, Chairman, BLS E-Services, has shared his reaction saying in a forward-looking budget, Honourable Finance Minister Mrs. Nirmala Sitharaman has laid the foundation for inclusive growth, empowering the Garib, Youth, Annadata, and Nari. With simplified KYC processes, digitized urban land records, and enhanced Mudra loan limits, this budget paves the way for a stronger, more connected India.
Mr. Prashant Kumar, Managing Director & CEO, YES BANK, said “The Union Budget remains growth oriented – not only attempting to correct for the cyclical growth concerns but also setting up the platform for a sustained long-term journey for the economy, keeping the focus strongly on the objectives of Viksit Bharat.
Raju Kumar, Partner and Energy Tax Leader, EY India said “The Budget reinforces India’s energy transition by prioritizing domestic clean-tech manufacturing, power sector reforms, and electric mobility. The National Manufacturing Mission for Clean Tech is a crucial step in reducing import dependence for solar PV cells, wind turbines, and battery storage, supporting India’s goal of energy self-sufficiency. Lower customs duties on solar modules, lithium-ion battery waste, and critical minerals will enhance cost competitiveness and encourage local manufacturing.”
UNI
