PINAKI MAJUMDAR
Jamshedpur, Feb 1: Trade and industry bodies including the Singhbhum Chamber of Commerce and Industry (SCCI) and Confederation of Indian Industry (CII) today welcomed the Union Budget 2025-26 presented by Finance Minister (FM) Nirmala Sitharaman in Parliament.
Steel city traders attended the live telecast of Union Budget organised by SCCI at the Chambers Bhavan in Bistupur.
Traders hail Union Budget for boosting economy, tax relief, and cheaper goods
Rajiv Agarwal, Vice President (Tax and Finance) of the Singhbhum Chamber of Commerce and Industry said, “The limit of TDS exemption on interest for senior citizens has been increased from ₹ 5 lakh to ₹ 10 lakh. At the same time, the limit of mandatory TDS deduction on rent has been increased from ₹ 2.40 lakh to ₹ 6 lakh. Apart from this, Tax Collected at Source (TCS) on the sale of goods has been abolished. These changes will provide great relief to traders and taxpayers.”
Anshul Ringasia, secretary (Tax and Finance) of SCCI said the economy will get a boost. Praising the budget he said, “The budget will ensure more money flow into the economy, which will increase the availability of funds in the markets and encourage expenditure.” He termed the budget beneficial for business and trade.
The traders welcomed various aspects of the Union budget.
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The highest income tax slab has been increased from ₹15 lakh to ₹24 lakh in the budget, which will benefit all sections of the society, pointed out the trade body members.
Electric cars, batteries, textiles made in India, rare medicines, minerals, TVs, LCDs and medical services will become cheaper. “This will prove to be a big relief for the salaried and middle class,” said a SCCI functionary.
CII welcomes Union Budget
The Confederation of Indian Industry (CII) welcomed the Union Budget which focuses on accelerating economic growth through strategic investments in infrastructure, support for MSMEs, empowerment of farmers, and measures to boost employment and entrepreneurship.
S K Behera Chairman CII Eastern Region and Vice Chairman and MD, RSB Transmission Pvt Ltd said, “The Union budget presented today by the Finance Minister aims to accelerate growth, secure inclusive development, invigorate private sector investment, uplift household sentiment, and enhance the spending power of India’s rising middle class. The Finance Minister’s announcements demonstrate a strong commitment to revitalizing Indian manufacturing. The announcement on the National Manufacturing Mission will go a long way to provide a framework for growth. The continued focus of the Government of India on the eastern part of the country is very encouraging and agriculture, aviation, tourism in this region is set to receive further boost from the budget announcements. The focus on Northeast regional district to be boosted under the Udaan 2.0 facility, the announcement of a Greenfield airport to be set up in Bihar under Udaan 2.0 and additional facilities at Patna and Mithilanchal under Udaan 2.0 are welcome moves. The Budget aims to accelerate growth, secure inclusive development, invigorate private sector investment, uplift household sentiment, and enhance the spending power of India’s rising middle class.”
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Ranjot Singh, Chairman, CII Jharkhand State Council & Managing Director, Emdet Jamshedpur Pvt Ltd, hailed the budget speech as a visionary roadmap for India’s economic growth.
He said, “The budget demonstrates a strong commitment to the Viksit Bharat vision through strategic initiatives focusing on credit growth, agricultural technology, and MSME development. With its emphasis on skill development, AI integration in education, and significant tax and regulatory reforms, the budget creates a robust framework for ease of doing business. The measures to rationalize customs duties, streamline tax proposals, and decriminalize various legal provisions will significantly boost industrial growth and strengthen India’s position in the global economy.”
