Hard work and sincere planning are two crucial aspects those
worked behind the making of the Budget 2025-26. Finance Minister Nirmala
Sitharaman and her team deserve all the credit for presenting a Dream Budget at
the crucial juncture of the Indian economic history.
The Budget will go a long way to enforce India's role as a
dynamic player in the global economy in the next few years and beyond. No
wonder, the Union Budget 2025-26 has received positive reactions across
industries, with experts lauding the Government's focus on economic reforms and
ease of doing business.
The proposed revised tax rates, which highlights that income
up to Rs 12 lakh will draw zero income tax rates has won the heart of Indian
middle class. It is truly a thoughtful gesture. It delights me to note that the
India's capital expenditure (Capex) has now risen to Rs 11.21 crore as per the
budget estimates of 2025-26.
The cut in taxes for the middle class is certainly welcome
as it will boost more spending, higher consumption, jump in savings and hence
enhanced investments.
The Modi government also offers a roadmap to generate as
much as 22 lakh jobs in the economy. I also take a personal pleasure to note
that India will aim to enhance the productivity, quality, and competitiveness
of the leather sector.
Yet another feature about the Budget is the facelift given
to the UDAN Scheme.
The Centre now plans to launch a modified version of the
UDAN Scheme, which aims to enhance regional connectivity to 120 new
destinations.
The aviation industry is a great happening scheme of things
in the country and we may have a day soon when air operators will carry four
crore passengers in the coming 10 years.
I am also happy that the Budget proposals have tried to take
and list out measures by which - Telecom equipment, Cancer and lifesaving
drugs, Solar PV cells and lithium-ion batteries and Lithium-ion batteries for
Electric Vehicles and mobiles will be cheaper. This will work as booster to the
overall economy.
Notably, the government has shown the right sensitiveness in
making the announcement for setting up of Day Care Cancer Centres in all
district hospitals over the next three years.Moreover, the exemption of 36 life-saving cancer drugs from customs duty
will reduce the financial strain on patients, reinforcing affordability.
India is now the world's fifth-largest economy and hence it
is time to play global. Therefore the continued economic reforms as indicated
by the Govt are essential to strengthen commercial ties with the US.
This, I believe as many experts have said will unlock new
growth opportunities.
The Budget 2025-26 also focuses adequately on agriculture,
MSMEs, investment, and exports.
While the Budget outlines a vision for economic resilience,
technological advancement, and global competitiveness, India’s growth
trajectory requires sustained and deeper reforms.
The recognition of critical minerals as a strategic asset,
along with a National Critical Minerals Mission and an allocation of Rs 450
crore, for the forthcoming financial year is a critical measure in the right
direction.
The government's stance on the Energy security is also
welcome and the announcement of a Nuclear Energy Mission for Small Modular
Reactors (SMRs) with an outlay of Rs 20,000 crore is commendable.
Similarly, while the proposed increase in FDI limits for the
insurance sector from 74 per cent to 100 per cent is promising.
In the ultimate, the Budget 2025 is anticipated to bring
about significant shifts in market dynamics and the consumption-driven sectors
will emerge as potential winners.
(M Chuba Ao is BJP national vice president. Views are
personal)
