FTCCI Welcomes the Union Budget with Enthusiasm
The Federation of Telangana Chambers of Commerce and Industry (FTCCI), a 108-year-old organization representing regional commerce, trade, and industry, has praised the Union Budget for being progressive and inclusive.
Speaking to the media, FTCCI President Suresh Kumar Singhal expressed his satisfaction with the budget, calling it “industry-friendly, common people-friendly, salaried-friendly, and patient-friendly.” He shared that some of FTCCI’s suggestions, like increasing the individual income tax limit, had been exceeded. “We recommended raising the income tax limit to ₹9 lakh, but the Minister surprised everyone by increasing it to ₹12 lakh,” said Singhal.
Simplified Customs Structure to Boost Manufacturing
One of the budget’s key proposals was a major reform of the customs structure. The Finance Minister proposed simplifying the tariff system by reducing the number of tariff rates from 13 to just 8, including a zero rate. Singhal welcomed this change, stating that it would support domestic manufacturing and signal growth for the industry. “This will also give a boost to the domestic manufacturing sector,” he added.
Focus on Critical Minerals and EV Batteries
The Union Budget emphasized the importance of critical minerals by announcing the National Critical Minerals Mission. This initiative aims to make India self-reliant in critical resources like lithium and cobalt, which are vital for economic growth and the transition to net-zero emissions. Singhal highlighted that this move would also encourage the production of lithium and EV batteries, further strengthening India’s position in the global green energy sector.
Support for MSMEs and Skill Development
FTCCI has long advocated for support to Micro, Small, and Medium Enterprises (MSMEs), and the organization was pleased with the budget’s focus on this sector. “MSMEs are the backbone of India, and the Finance Minister has rightly provided several benefits to support them,” said Singhal.
The budget also laid emphasis on education and skill development. A significant allocation of ₹1.48 lakh crore has been made for education, employment, and skill-building initiatives. This includes 10,000 fellowships for technological research at IITs, increased funding for research and development, and private sector participation. Ravi Kumar and Srinivas Garimella, Chairman of FTCCI’s Industry Committee, noted that the budget addressed many concerns left unresolved from last year.
Focus on Cold Chain Infrastructure and Inflation
Efforts to improve India’s cold chain infrastructure were another highlight of the budget. This move is expected to address inflation in food and retail, which saw significant increases last year. FTCCI believes these initiatives will help stabilize prices and improve supply chains across the country.
In conclusion, the Federation of Telangana Chambers of Commerce and Industry hailed the Union Budget as a forward-looking plan that addresses critical needs while fostering growth in key sectors like manufacturing, MSMEs, and education.
