Focus on MSEs growth, laud industry bodies

Welcoming the Union budget, industry and commerce bodies have stated that it has a forward-looking approach and lays a strong foundation for the growth of micro and small enterprises (MSEs). Federation of Karnataka Chambers of Commerce and Industry (FKCCI) president MG Balakrishna said, “The Budget lays a strong foundation for industrial growth, innovation and entrepreneurship. FKCCI appreciates the government’s commitment to fostering an enabling business environment…” Meanwhile, Bangalore Chamber of Industry and Commerce stated that reduction in tax rates and increase in tax threshold for the middle class will promote consumption. Vineet Verma, president, said, “The Budget also laid strong emphasis on boosting tourism with Udaan regional connectivity, top 50 destination development, airport upgrades, skill development programs, MUDRA loans, incentives for states, and VISA waivers.

The government’s focus on spiritual and medical tourism and regional connectivity to 220 new destinations will enhance the tourism sector.” Karnataka Small Scale Industries Association president MG Rajagopal stated the budget is a boost for MSMEs, expanding opportunities and Credit Access, and supports first-time entrepreneurs and startups.