Union Budget 2024-25 Lauded for Comprehensive Economic Roadmap

The Bangalore Chamber of Industry and Commerce (BCIC) and various industry bodies commended the Union Budget 2024-25 for its forward-looking policies on MSME development, employment, and economic growth. Key measures include a substantial allocation for capital expenditure, easing business regulations, supporting startups, enhancing skill development, and promoting exports.

The Bangalore Chamber of Industry and Commerce (BCIC) has commended the Union Budget 2024-25, describing it as a comprehensive and forward-looking roadmap for India's economic growth. The budget's focus on MSME development, job creation, and tax reforms was particularly appreciated.

BCIC President S Devarajan praised the budget's emphasis on employment, skilling, agriculture, and support for the middle class. The substantial allocation of Rs 11.11 lakh crore for capital expenditure is expected to fuel growth in critical sectors such as cement and steel, while creating significant employment opportunities. Additionally, the budget's initiatives in digital infrastructure and tourism were highlighted.

The Federation of Karnataka Chambers of Commerce and Industry (FKCCI) and Karnataka Small Scale Industries Association (KASSIA) also welcomed the budget, noting its balanced approach between reforms and populism. The budget's focus on employee-linked incentive schemes, skilling, and the enhancement of MUDRA loans was seen as a boost for MSMEs and small entrepreneurs. However, calls for lower loan interest rates and reduced processing fees for MSMEs were reiterated.