PHDCCI Calls for MSME Liquidity and Tax Relief in Upcoming Budget

PHDCCI anticipates the upcoming budget to enhance MSME liquidity, offer middle-class tax relief, and bolster technological innovation. With India's startup ecosystem growing, the government should focus on rationalizing tax structures and supporting agricultural reforms to drive economic development.

The PHD Chamber of Commerce and Industry (PHDCCI) has expressed a keen interest in the forthcoming budget, particularly in its potential to address liquidity challenges faced by Micro, Small, and Medium Enterprises (MSMEs) and provide financial relief to the burgeoning middle class. Ranjeet Mehta, CEO and Secretary General of the PHDCCI, emphasized the need for tax slab rationalization and a heightened focus on agriculture as key areas for budgetary consideration.

Mehta underscored the crucial role of technological advancements and innovation in spurring economic growth, aligning with the Prime Minister's framework of innovation, inclusion, and investment as foundational pillars. He further highlighted the significance of India's status as the world's third-largest startup ecosystem, which boasts over 115 unicorns, and expects the budget to offer substantial support to this sector.

Moreover, targeted policy interventions are seen as pivotal for reinforcing India's global standing as a hub for startups and tech-driven businesses. Sheetal Kalro from the IMC Chamber of Commerce highlighted the budgetary expectations for farmers, youth, women, and senior citizens, while industry leaders such as Amit Mittal of Modair Aviation called for aircraft financing to be recognized as infrastructure financing, reflecting the diverse demands leading up to this budget announcement.