CII Goa welcomes the Union Budget 2025

Goa Khabar:“CII Goa welcomes the Union Budget 2025, presented by  Union Finance Minister, as a progressive and forward-looking financial blueprint. The budget provides substantial relief to the middle class while placing a strong emphasis on empowering small businesses and MSMEs, fostering entrepreneurship, and driving inclusive economic growth.

The decision to enhance loan guarantees will strengthen financial stability for MSMEs, facilitating job creation and business expansion. Additionally, the ₹20,000 crore start-up fund is a commendable initiative that will encourage innovation and bolster the entrepreneurial ecosystem.

From Goa’s perspective, we particularly applaud the government’s commitment to developing tourist destinations in collaboration with state authorities. Key initiatives such as streamlined e-visa facilities, visa fee waivers, enhanced regional connectivity, and the promotion of medical tourism will significantly boost the state’s tourism and hospitality sectors. Furthermore, the extension of duty exemptions on raw materials for shipbuilding for the next 10 years is a welcome move that will provide a major impetus to the maritime and manufacturing industries.

These strategic measures will play a vital role in strengthening Goa’s key sectors, including tourism, hospitality, shipbuilding, and MSMEs, ultimately contributing to sustainable economic growth and employment generation.”
— Mr. Brajesh K Upadhyay, Chairman, CII Goa & CMD, Goa Shipyard Ltd.

This is a balanced budget, which caters to everyone from the common man to industry. Many of CII’s recommendations found a place in the budget. The income tax cut will boost consumption and kick off a virtuous economic cycle by increasing production. The focus of budget is on our youth, women, economically backward and farmers. The National Manufacturing Mission, Centres of Excellence on AI and capacity enhancement of IITs will boost skill development, thereby driving innovation and exports.
Swati Salgaocar, Chairperson
CII Western Region

The budget announced by the finance minister outlines the vision for Viksit Bharat. The income tax rationalisation will leave people with higher spending power in their hands, which will boost manufacturing and job creation. Schemes to foster innovation and relief provided for exports will aid India’s competitiveness in the global markets. This will make India a manufacturing powerhouse. The thrust on MSMEs and startups will not just promote job creation but also technological advancements. Overall the budget clearly outlines the government’s priorities, focusing on fostering economic growth, promoting inclusive development, supporting industries, and enhancing household confidence.
Rishi Bagla, Dy Chairman
CII Western Region

“India’s shipbuilding industry has already experienced a marked improvement in global competitiveness. The revamp of the SBFA Policy in Budget 2025 will provide more confidence to shipbuilders to invest in capacity enhancements for scale and new technologies to improve productivity levels.
Inclusion of Large ships in infrastructure list will support in facilitating an increase in India flag vessels and enable banks to provide INR denominated loans. The security of India’s position in global supply chains will be improved.”
-Mr. Arjun Chowgule, Vice-Chairman, CII Goa & ED, Chowgule & Co.