Kolkata, Feb 1 (PTI) Business chambers in West Bengal on Saturday hailed the Union Budget 2025-26 as one that is "progressive" and "forward-looking" and said it would help accelerate economic growth in the country.

These industry associations also said that the budget focussed on tax reforms, infrastructure development and the MSME sector.

The Confederation of Indian Industry (CII) Eastern Region termed the budget as "balanced and inclusive", and claimed that it aimed at "accelerating growth, boosting private sector investment and enhancing the spending power of the middle class".

CII Eastern Region chairman Suvendra Kumar Behera said the budget focused on growth acceleration, inclusive development, and private sector investment while uplifting household sentiment.

“The continued emphasis on eastern India is encouraging, with agriculture, aviation and tourism set to receive a further boost from the budget,” he said.

CII Eastern Region deputy chairman Shashwat Goenka described the budget as "progressive and inclusive", adding that its focus on agriculture, MSMEs, investment, and exports would drive India towards a 'Vikshit Bharat' by 2047.

He said tax cuts for the middle class would spur consumption.

CII officials highlighted that the budget’s emphasis on the Northeast under the Udaan 2.0 scheme and the announcement of a greenfield airport in Bihar are a reflection of the government’s Act East Policy.

Indian Chamber of Commerce (ICC) president Abhyuday Jindal said that the 2025 budget is a forward-thinking financial blueprint, prioritising sustainable development, economic growth and social welfare.

It focused on growth and inclusion with "welcome tax exemptions and simplified compliance", Bharat Chamber of Commerce president NG Khaitan said.

"However, more is needed to address manufacturing complexities, labour laws, and vocational training," he said.

Bengal Chamber of Commerce and Industry (BCC&I) president Arnab Basu said the budget addressed middle-class aspirations through tax rationalisation.

"It is a responsible budget with a focus on credit and skills for rural and MSMEs, as well as investments in shipbuilding, deep tech, infrastructure, and clean energy," he said.

He added that with consumption, investments, inclusive growth, and household income at the core, the finance minister has presented an aspirational and fiscally responsible budget, maintaining the fiscal deficit at 4.8 per cent with an FY'26 target of 4.4 per cent.

Merchants Chamber of Commerce president Amit Saraogi said that the budget will benefit the entire middle class and stressed on manufacturing, MSMEs, agricultural and allied sectors.

ICC vice president Parthiv Neotia said the tax relief for income up to Rs 12 lakh will drive consumption, savings and investments.

Increased spending on healthcare will enhance affordability and accessibility, he said.

The micro, small and medium enterprise (MSME) sector lauded the budgetary proposals of Finance Minister Nirmala Sitharaman.

Federation of Small & Medium Industries (FOSMI), a body of MSMEs, said in a statement that the budget recognised the sector's pivotal role in the economy.

Several measures have been introduced to facilitate growth and provide credit access and competitiveness in the sector.

The credit guarantee cover for micro and small enterprises has been raised from Rs 5 crore to Rs 10 crore, which will unlock additional credit over the next five years.

FOSMI, however, said that the budget did not provide the much-needed credit-linked capital subsidy scheme to the MSME sector.

CII Eastern Region past chairman Chandra Shekhar Ghosh said the focus on MSMEs and entrepreneurship, particularly for women, was encouraging.

"The revival of consumption-led growth will help small and micro enterprises thrive and improve their repayment ability, boosting the microfinance sector," he said.

MSME Development Forum president Mamta Binani said that the budget is a "game changer for the MSMEs".

The enhanced credit guarantee, increased investment limits and targeted support to women will drive growth and innovation in the sector, she added.

Bandhan Life Insurance MD & CEO Satishwar B said, raising FDI in insurance to 100 per cent is a game-changer, which will attract global capital and expertise while boosting competitiveness and innovation.

CenturyPly executive director Keshav Bhajanka said the budget prioritised infrastructure, employment and investments, key drivers of sustainable growth. PTI DC BSM BDC

Tax reforms and MSME credit boost seen to spur consumption, investment and infrastructure led growth nationwide. Business associations welcomed the Union Budget 2025 26 for prioritising growth, inclusion and private investment through tax reforms, simplified compliance, regional connectivity and infrastructure initiatives. Key operative measures for MSMEs include enhanced credit guarantee cover, raised investment limits and targeted support for women entrepreneurs, while concerns remained about the absence of a credit linked capital subsidy and the need for further reforms in manufacturing, labour laws and vocational training. The budget also signals higher healthcare spending, steps to increase foreign investment in insurance, and a fiscal deficit reduction target for the coming year.