ASSOCHAM North Region organises session: Understanding Union Budget 2025 -26 

Chandigarh, February 1, 2025: India's leading industry body, the Associated Chambers of Commerce & Industry in India (ASSOCHAM) Northern Region, organized the session "Understanding Union Budget 2025-26." The event featured  Kumar Gaurav Dhawan, Commissioner of Central GST, UT Chandigarh, as the special guest.
 
Kumar Gaurav Dhawan, IRS, Commissioner of Central GST, UT Chandigarh,  appreciated the Union Budget 2025-26, particularly its focus on the Agriculture and MSMEs sectors, highlighting the government's commitment to driving growth and sustainability in these key areas. He also noted that the budget comprehensively covers all sectors, ensuring holistic economic development across the country.
 
Abhi Bansal, Chairman, ASSOCHAM Punjab State Council and Director of Saraswati Group of Companies, addressed the audience by emphasizing the significant benefits of the increased income tax rebate, which has been raised from Rs 7 lakh to Rs 12 lakh, offering individuals enhanced purchasing power and encouraging greater consumption. He also highlighted the positive impact of the budget's agriculture measures for Punjab, noting that the push for pulses and cotton cultivation will encourage a shift away from the traditional reliance on wheat and paddy. Additionally, he commended the government's initiative to establish daycare cancer centres in district hospitals over the next three years, describing it as a commendable move to improve healthcare accessibility for all.
 
Rakesh Bhalla, Chairman of the ASSOCHAM Chandigarh UT Council and CFO of SML Isuzu, expressed his views on the Union Budget, highlighting that it is a well-balanced budget. He pointed out that, for the first time in the last 15 years, every quarter of the economy seems to be benefiting. Notably, the middle class, which had often been overlooked in the past, has received significant tax relief, especially for those with incomes up to Rs 12 lakh, which slightly exceeded expectations. He also welcomed the benefits extended to the MSME industry, particularly the doubling of the tax guarantee limit, which is a positive move for the sector. On the social front, the exemption for cancer drugs is a much-needed and appreciated step. Furthermore, in the field of education, the focus on skill development and the increase in the number of seats in IITs and medical colleges will provide much-needed relief and opportunities for young professionals.
 
Atul Deep Gupta, FCMA, ACCA, highlighted key initiatives from the Union Budget 2025 that will drive growth across various sectors. The plans to add 10,000 additional seats in medical colleges next year, with 75,000 seats to be added over the next five years will address the shortage of healthcare professionals. He also said that focus on boosting exports will enhance India's trade competitiveness. For Punjab he said that the measures announced for the agriculture sector with crop diversification, will aim at diversifying the dependency on rice. He also said, raising the annual limit for TDS on rent from Rs 2.40 lakh to Rs 6 lakh will greatly benefit small taxpayers and encourage greater cash flow.
 
Ravinder Chandla, Regional Director, ASSOCHAM North, Atul Mandhar, Mandhar & Associates, Naveen Minglani, President at Chamber of Chandigarh Industries also shared their views in the session.