All friendly, positive, progressive, development-oriented budget: Suresh Singh, President, FTCCI

Hyderabad, February 01, 2025: The 108-year-old one of the most vibrant regional commerce, trade and industry bodies in India The Federation of Telangana Chambers of Commerce and Industry (FTCCI) hailed the budget. 
 
Interacting with the media immediately after Union Finance Minister, Nirmala Sitharaman's consecutive 8th budget, Suresh Kumar Singhal, President of FTCCI expressed happiness in so many words as the budget is industry-friendly, common people friendly, salaried friendly, patient-friendly and a progressive budget.  He congratulated Mrs Nirmala Sitharaman for her approach to addressing all the sectors and areas of business and society.
 
It is an all-stakeholders friendly, positive, progressive, development-oriented budget, Suresh Singh, President, FTCCI summed up about the Union Budget. 
 
I am happy because we recommended raising the individual Income Tax limit to 9 lakh. But, the Minister surprised everybody by raising it to 12 lakh, Singhal shared.
 
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. This is the most welcoming change, and it is a good signal to the industry for the growth, he said.  This will also boost the domestic manufacturing sector. 
 
The Union Budget focused on critical minerals. It announced the National Critical Minerals Mission. The mission aims to make India self-reliant in critical minerals such as Lithium, Cobalt and several others are essential for the country's economic growth and transition to a net-zero emission. This move also boosts the manufacturing of lithium and EV batteries, Singhal added.
 
Singhal further stated among other key announcements in the Finance Minister's speech was a significant proposal to introduce a two-year time limit for finalizing provisional customs assessments.  It is a very good move as it is aimed at streamlining customs processes, boosting trade efficiency, and supporting India’s goal of a $5 trillion economy and also a Viksit Bharat by the time India turns 100 in the year 2047.
 
The FTCCI also welcomed simplification of the Income Tax Act in the next two weeks with an aim to make it easy for taxpayers, and administrators, to increase compliance and reduce disputes.
 
FTCCI has been advocating for a fillip to the MSMEs. Rightfully Finance Minister gave a lot of sops to the MSME sector Singhal said. MSMEs are the backbone of India.
 
Senior Vice President of FTCCI described the budget as 'wonderful' and 'very useful', particularly to MSMEs.  The budget was in line with Government plans to make India the Vikasith Bharath.   by the year 2047, he added.
 
Deservedly the skill sector has a boost in the budget. Nirmala Sitharaman has appropriately emphasized on education and skill development by allocating of Rs 1.48 lakh crore to education, employment, and skill development; 10,000 fellowships for technological research in IITs with enhanced financial support, research and development expenditure in the private sector, Ravi Kumar shared
 
Srinivas Garimella, Chairman of Industry Committee of FTCCI said the budget addressed the problems raised out of last year's budget as well as the problem unanswered or left over last year. 
 
The budget presented today has made efforts to improve cold chain infrastructure in India through schemes and initiatives. The inflation in Food and retail rose last year.  This budget addressed those concerns he said. 
 
The budget focused on Skill Development, increased spending on developing infrastructure, relief to salaried class by abolishing tax up to Rs 12 lakh all auger good for many sectors, Srinivas Garimella said. 
 
Sudhir V.S, Chartered Accountant and a Committee Chairman on Direct Taxes said the budget on the whole touched every sector.  From Agriculture to Nuclear Energy to IIT expansion to AI(Artificial Intelligence). He termed the budget as growth-oriented. 
 
Though the government lost one lakh crore in revenues by increasing the exemption limit from Rs 7 lakh to Rs 12 lakh on personal income tax, it made alternative plans to recover that loss through some other measures. 
 
The New Income Tax Bill which the Union Finance Minister addressed that it would be launched in the next two weeks is the long pending one.  It is the need of the hour.  It will simplify many things both for taxpayers and tax administrators.  It will increase ease of compliance as well he stated.  This will lead to tax certainty and reduced litigation.  I and my colleagues in my profession are eagerly looking forward to the same.
 
Rationalization of TDS and TCS will reduce compliance burden which again is the welcoming move, Sudhir said
 
It is a good budget overall. Taxes are reduced to boost household savings, consumption and investments. Unlike last year, the key focus area in the budget is rolling back regulation significantly and embracing risk-based regulations. This budget is introduced amid unprecedented challenges including tariff threats, and in this context, significant thrust has been placed on domestic factors. Certain focused areas such as cancer treatment, clean energy, textiles and leather goods have been provided duty concessions. It has to be seen how the revenue target of 28L crore would be achieved after losing 1 lakh crore on income tax reliefs. It is expected that the targeted revenue would be achieved through an increase in the base or volume said Mohd Irshad Ahmed, Chairman of GST and Customs Committee of FTCCI
 
The Tourism Committee of FTCCI welcome the various measures proposed in the budget to boost tourism in the country.  The members appreciated the Union Finance Minister for introducing the progressive measures to boost the tourism and hospitality sector.  Developing 50 tourist destinations with state partnerships, easing visa norms, increasing regional connectivity through restructured Udaan scheme, promoting medical tourism and healing in India initiatives etc.  Special attention to destinations linked to the life of Lord Buddha, including Bodhgaya in Bihar etc will attract more Buddhist tourists to the nation. 
 
Extending Mudra loans to Homestays, especially in smaller towns and villages is a welcoming move. These steps are expected to create more job opportunities and strengthen local economies, felt the Tourism Committee members present in the hall.