The industry bodies in Karnataka have welcomed the Union Budget presented on Saturday and particularly lauded its focus on small industries.
The Federation of Karnataka Chambers of Commerce and Industry (FKCCI) commended the Budget for its “pragmatic and forward-looking approach towards industry, trade, and MSMEs.”
M.G. Balakrishna, FKCCI president, said that the budget provides a comprehensive roadmap for economic growth, infrastructure development, innovation, skilling, and employment generation. “FKCCI welcomes the revision in MSME classification criteria, which will help small enterprises scale up operations while retaining benefits,” he said.
Echoing similar views, the Karnataka Small Scale Industries Association (KASSIA) said that the Budget presented by Finance Minister Nirmala Sitharaman “lays a strong foundation for the growth of micro and small enterprises (MSEs) by prioritising access to credit, skill development, innovation, and ease of doing business.”
In a statement, M.G. Rajagopal, president of KASSIA, said, “The revision in the classification criteria for MSMEs is a much-needed reform that will enable small industries to scale while retaining government benefits. By enhancing the investment and turnover limits by 2.5 and two times respectively, the government has signalled its commitment to MSME growth.”
Bangalore Chamber of Industry and Commerce (BCIC) too welcomed several announcements in the Budget, particularly the reduction in tax rates and the increase in the tax threshold for the middle class, aimed at promoting consumption.
“The strong focus on MSMEs, including provisions for micro-credit cards and increased refinancing limits will promote growth. Additionally, the Fund of Funds for Startups (FFS) scheme reaffirms the government’s commitment to fostering innovation and entrepreneurship,” he said.
Published - February 01, 2025 10:26 pm IST
