New Delhi [India], February 1 : PHD Chamber of Commerce and Industry (PHDCCI), has expressed expectations that the upcoming budget will focus on improving liquidity for Micro, Small, and Medium Enterprises (MSMEs) and providing financial relief to the middle class.
"We expect that there will be some kind of relief to ensure proper liquidity for MSMEs. Also, the middle class is expecting that there should be more money in their hands. We hope that the tax slabs will be rationalized, and agriculture will also be one of the focus areas," says Ranjeet Mehta, CEO and Secretary General of PHDCCI
He emphasized that technology and innovation will play a key role in driving economic growth.
"We feel that there will be a huge focus on technology and innovation as PM has already said that there will be three pillars - innovation, inclusion and investment. We will see that there will be focus on these areas a lot," he added.
He also highlighted the importance of India's growing startup ecosystem. "We are the third-largest startup ecosystem in the world, with over 115 unicorns. Startups are expected to get a major boost in the upcoming budget, as innovation remains a crucial pillar of economic growth," he said.
The industry leader believes that targeted policy measures can further strengthen India's position as a global hub for startups and technology-driven enterprises.
Additionally, he stressed that rationalizing tax structures, boosting agricultural reforms, and ensuring financial inclusion will be essential for overall economic development.
He added "we are the third largest startup ecosystem in the world, and we have more than around 115 unicorns. So, government has already focused a lot on startups. But I believe that as far as startups raising the funds is concerned, there I believe we have a fund of fund of Rs 50,000 crore. We expect that when some good startups test MSMEs, when they are coming out with IPOs, then to have that trust factor intact, we hope that government allocates some funds out of that 50,000 crore fund".
Sheetal Kalro, Deputy Director General, IMC Chamber of Commerce and Industry said that there is an expectation that the budget will focus on farmers and youth.
"There are a lot of expectations with the Budget. This Budget will have a lot of focus on farmers, youth, women, common man and salaried employees...Government has always focussed on senior citizens, their loans, insurances, medical aid are taken note of. A lot of focus will also be on women," she said.
Chief Executive Officer at Modair Aviation, Amit Mittal said that he would like to see Aircraft financing declared as infrastructure financing.
"My expectations from the budget are that aircraft financing is a very big demand of the industry and most of the Irish leasing companies and companies from abroad are giving aircraft and commercial aircraft and leases to airlines here in India. So one of the things which can be done in the budget is maybe aircraft financing be declared as infrastructure financing. So the banks and the NBFCs in India can look at it that way," he said.
As the government prepares to unveil the budget, expectations are high that it will introduce measures to support MSMEs, provide tax relief to the middle class, and promote technological advancements, in line with India's long-term economic vision.
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