Kolkata, Feb 1 The Union Budget proposals for the financial year 2025-26 might not have satisfied the ruling Trinamool Congress in West Bengal but they have received accolades from the state's industry and business fraternity.
According to the eastern regional chairman of the Confederation of Indian Industry (CII) Suvendra Kumar Behera, the Budget proposals are well-balanced in the sense that they accelerate growth, secure inclusive development, invigorate private sector investment, uplift household sentiment, and enhance the spending power of India's rising middle class and that too at a time.
"The continued focus of the Indian government on the eastern part of the country is very encouraging, and agriculture, aviation, and tourism in this region is set to receive a further boost from the Budget announcements," said Behera, also the Vice-Chairman and Managing Director of RSB Transmissions (l) Ltd.
The eastern regional deputy chairman and the vice-chairman of RP – Sanjiv Goenka Group Shashwat Goenka said that the Union government's focus on easier export credit, cross-border support, and MSME assistance is a decisive step toward strengthening India's global trade position.
According to Jupiter Wagons Limited Managing Director Vivek Lohia, the Union government's greater emphasis on digital integration, sustainability, and smooth mobility, greater emphasis on digital integration, sustainability, and smooth mobility will help public-private partnerships (PPPs) of the country create high-value jobs and stimulate economic growth.
"India's competitiveness on the international scene will be further enhanced by the focus on long-term funding and structural changes," Lohia added.
The Bengal Chamber of Commerce and Industry President Arnab Basu described the Budget proposals as an extremely balanced one where on one hand the middle-class aspirations have been addressed and on the other hand, enough focus had been given on credit and skills for rural and MSMEs, investments in shipbuilding, deep technology, infrastructure and clean energy.
"With consumption, investments, inclusive growth, and household income at the core, the Union Finance Minister had presented an aspirational and fiscally responsible Budget with fiscal deficit at 4.8 per cent and a target of 4.4 per cent," Basu added.
According to the Vice Chairman of Shyam Metalics Brij Bhushan Agarwal, the National Manufacturing Mission with a focus on PPP, will not only attract investment and increase the demand for steel which plays an imperative role in infrastructure development but will also increase the industrial activity in the eastern region of the country.
"The Steel sector needs to evolve towards safer and more advanced methods of production. Increased infrastructure will directly allow the steel sector to increase its production output. These changes will enhance the economy of India, along with making the country more competitive on an international scale," he added.
--IANS
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