‘Incentives for hotels, travel and tourism are encouraging...’: Industry captains applaud Union Budget

Kolkata: Industrialists from Bengal and various chambers have hailed Union Budget 2025-26. Harshvardhan Neotia, chairman, Ambuja Neotia Group said: “The Budget proposals of Finance minister Nirmala Sitharaman provided the vision of a new India story, with a governance that is light touch and trusting, a regulatory regime that is encouraging for industry and policies that are focused on job creation.”

“The incentives for hotels, travel and tourism are encouraging as they help build hotels in key 50 destinations and allow benefits on funding from the infrastructure HML. The built-in collaboration with state governments in the design of the policy will help speed up these developments…,” Neotia added.

Sushil Mohta, chairman, Merlin Group and president, Credai West Bengal said: “The Union Budget presented by Hon’ble Finance minister Nirmala Sitharaman lays the groundwork for sustained economic growth, with several provisions impacting the real estate sector. The increase in the income tax ex-emption limit to Rs 12 lakh and the higher TDS threshold on rent (from Rs 2.4 lakh to Rs 6 lakh) are ex-pected to enhance disposable income, drive housing demand, and boost overall consumption.”

Mamta Binani, president of MSME Development Forum in West Bengal said: “Budget a game-changer for MSMEs. The enhanced credit guarantee, increased investment limits, and targeted support for women and young entrepreneurs will significantly drive growth and innovation, making Indian MSMEs more competitive on the global stage while creating much-needed employment opportunities.”

Shashwat Goenka, deputy chairman, CII Eastern Region and vice-chairman, RP – Sanjiv Goenka Group said: “The Union Budget today is progressive, balanced and inclusive. We, at CII, welcome the setting up of the 5 National Centres of Excellence for Skilling with global expertise and partnerships...”

Director of Shyam Steel Industries Lalit Beriwala said: “The emphasis on inclusive growth, skill devel-opment, infrastructure expansion and innovation is a testament to the government’s commitment to economic development.”

Taranjit Singh, chairman, ASSOCHAM Eastern Region Development Council said: “Union Budget is to enhance the spending power of India’s rising middle class and secure inclusive development. Proposing to remove TCS on Introduction of Broadband connectivity to be provided to all government secondary schools and primary healthcare centres will enhance education and health services of the country. This Budget will have a profound impact on the global economy, influencing trade, investment, and the overall economic well-being of nations worldwide.”

Sanjiv Puri, president, Confederation of Indian Industry said: “The Union Budget is growth-oriented, reform focused and fiscally prudent while making comprehensive interventions aimed at addressing the needs of all sections of the economy and society, fostering inclusive growth and development.

Chandrajit Banerjee, director general, CII said: “In line with the government’s approach of ‘big’ and ‘bold’ initiatives to take India forward, the Union Budget 2025-26 lays out a bold blueprint for taking India forward towards Viksit Bharat while also addressing the present needs of the Indian economy.”