Business chambers and industry leaders in West Bengal on Saturday called the Union Budget 2025-26 "progressive" and "forward-looking" and said it would help accelerate economic growth in the country.
The Confederation of Indian Industry (CII) eastern region termed the budget as "balanced and inclusive", and claimed that it aimed at "accelerating growth, boosting private sector investment and enhancing the spending power of the middle class".
CII eastern region deputy chairman Shashwat Goenka described the budget as "progressive and inclusive", adding that its focus on agriculture, MSMEs, investment, and exports would drive India towards a 'Vikshit Bharat' by 2047.
He said tax cuts for the middle class would spur consumption.
The micro, small and medium enterprise (MSME) sector lauded the budgetary proposals of Finance Minister Nirmala Sitharaman.
The credit guarantee cover for micro and small enterprises has been raised from Rs 5 crore to Rs 10 crore, which may unlock additional credit over the next five years.
CII Eastern Region past chairman and former MD of Bandhan Bank, Chandra Shekhar Ghosh said the focus on MSMEs and entrepreneurship, particularly for women, was encouraging.
"The revival of consumption-led growth will help small and micro enterprises thrive and improve their repayment ability, boosting the microfinance sector," he said.
Ravi Todi, Managing Director at BTL EPC Ltd, Shrachi Agrimech and Managing Partner, South City Projects (Kolkata) Ltd said that with the credit guarantee “doubled to Rs 10 crore,” the MSME sector will receive a “significant boost.”
“Major investments in power, mining, urban development, and infrastructure will accelerate industrial expansion, while special agricultural missions will enhance farm productivity and rural prosperity,” Todi added.
Todi also said that the healthcare sector would receive “vital support with more gig workers covered under PM Jan Arogya Yojana”. He said new cancer care centres were being set up too.
Suparna Mucadum, the head of marketing and brand custodian of Keventer Group, said key policy shifts of Union Budget 2025-26 would “impact both homeowners and investors”.
With amendment to Sub-Section 2 of Section 23 of Income Tax act, Union finance minister Nirmala Sitharaman announced that annual value of two self-occupied properties would be treated “as nil” for taxation purposes.
Macadam said: “The move to allow tax benefits for two self-occupied properties, rather than just one, creates new opportunities for individuals to maximise savings, particularly for those with multiple homes or investing in a second property.”
She said this amendment would boost “market activity in residential purchases and rental properties.”
Namit Bajoria, the owner and founder of Kutchina Home Makers, emphasised that the Budget focused “on enhancing agricultural productivity by promoting high-yield crops and increasing the limit for subsidized farm credits.”
And since the foreign direct investment cap in the insurance sector has been “raised to 100%”, Bajoria hoped for “more international investments”.
CenturyPly executive director Keshav Bhajanka said the budget prioritised infrastructure, employment and investments, key drivers of sustainable growth.
