Budget addresses current economic challenges, lays strong foundation for Viksit Bharat: FICCI

New Delhi: The Union Budget 2025-26 not only addresses current economic challenges but also lays a strong foundation for achieving the ‘Viksit Bharat’ vision, the Federation of Indian Chambers of Commerce and Industry (FICCI) said on Saturday.

According to FICCI President Harsha Vardhan Agarwal, the Budget is a well-balanced approach that tackles immediate concerns such as boosting consumption while also ensuring long-term economic growth.

“It brings in essential reforms, financial stimulus, and support for key sectors like agriculture, MSMEs, youth, and women,” Agarwal stated.

According to the apex business body, changes in the personal income tax structure are expected to increase disposable income, which could lead to higher consumer spending.

The body further added although the rise in capital expenditure is relatively moderate compared to previous years, it remains a positive move.

While presenting the Union Budget in parliament, Finance Minister Nirmala Sitharaman said that a nation is defined not only by its land but by its people.

“Budget 2025 covers 10 key areas, with a focus on the poor, youth, farmers, and women. Agriculture, MSMEs, investments, and exports serve as the driving forces for development,” FM Sitharaman added.

For MSMEs, the budget introduces new measures, including a revised classification system and increased credit limits with guarantee cover.

The budget has also focused on enhancing the agricultural sector. A special programme will be implemented in 100 districts with lower productivity and limited access to credit.

A key focus of the budget is on the maritime sector, with the establishment of a new Maritime Development Fund aimed at strengthening the marine economy.

Similarly, to prepare India’s workforce for emerging technologies, the budget outlines various skill development initiatives.

It includes increasing capacity at IITs, expanding medical education seats, setting up 50,000 Atal Tinkering Labs, and establishing a new Centre of Excellence for AI education.

FICCI said the budget will uplift the middle class and encourage private sector investments as demand grows across various industries.

–IANS