New Delhi: As the government puts the money back into the economy with the Union Budget, Indian entrepreneurs must take calculated risks to build institutions and generate jobs, Finance Secretary Tuhin Kanta Pandey said on Thursday.
Addressing a post-budget session at the PHDCCI in the national capital, he said the government is investing wisely from last year.
“Our borrowing of Rs 15.68 lakh crore has not grown and a major part of it — around Rs 15.48 lakh crore — has already been put into capex,” Pandey told the gathering.
He further highlighted that the Budget was pro-people, pro-growth, and pro-taxpayers.
“Some key issues addressed were how to propel growth as India is one of the fastest growing economies. For the ‘Viksit Bharat’ vision, there should be equitable growth that meets demography and demand,” added Pandey.
The four core engines for this Budget are agriculture, MSMEs, investment, and exports.
“In the case of MSME, we need to really look at all issues; we need to work on credit guarantees, marketing, and how MSMEs can participate in export growth more effectively,” the Finance Secretary said.
There isn’t any sector that hasn’t been touched this year in the Budget, and around Rs 20,000 crore has been allocated for the R&D sector, he said, adding that the new Income Tax Bill will be truly exceptional.
Central Board of Indirect Taxes and Customs (CBIC) Chairman Sanjay Kumar Agarwal spoke about the rationalisation of the customs duty structure and some history of the exercise.
He said that part shifting of the basic customs duty to AIDC will only have a marginal impact on transfers to states, as the effective duty incidence has been kept at a low level by the AIDC schedule.
Further, waste and scrap of 12 critical minerals have been exempted. Similarly, for capital goods, cells for the manufacture of EVs and mobile phones have also been exempted.
“Similarly, the voluntary declaration filed by importers is a big relief, and procedural simplifications in customs have also been introduced,” he added.
PHDCCI President Hemant Jain called the budget 2025-26 a historic Budget and said that the key focus areas are major ingredients of development. The focus on the middle class and MSMEs will enhance consumption and production segments, boost private investments, and create employment opportunities, he added.
(IANS)
