PANAJI
Finance Minister Nirmala Sitharaman’s Union Budget announcement on Tuesday elicited a range of responses from industry leaders. The budget, which emphasises infrastructure, skilling, and the startup ecosystem, has received both praise and criticism.
Jack Sukhija, President of the Travel and Tourism Association of Goa (TTAG), welcomed the focus on infrastructure and the reduction of TDS rates on e-commerce from 1% to 0.1%. However, he criticised the lack of TDS reduction on foreign holidays, the absence of infrastructure status for tourism, and no GST reduction.
The removal of the ‘Angel Tax,’ which had burdened startups since 2012, is seen as a significant boost for early-stage companies. The budget also introduces five new schemes aimed at benefiting 4.1 crore youth over the next five years, including internships and wage support for first-time employees. Mangirish Salelkar, CEO of UMANG Group, praised these initiatives for youth empowerment.
Manguirish Pai Raiker, Chairman of the Goa State Council of Assocham, congratulated Finance Minister Sitharaman for her seventh consecutive budget. He described it as growth-oriented and a catalyst for investment, highlighting the new skilling programme to train 20 lakh youth, support for MSMEs through lower thresholds on the TREDS platform, and the establishment of e-commerce and export hubs. Raiker noted these measures would significantly boost the rural economy.
GCCI President Shrinvas Dempo described the budget as growth-oriented and well-structured, supporting the vision of Viksit Bharat 2047. He appreciated the fiscal prudence and focus on employment, skilling, MSMEs, and the middle class, along with tax simplifications.
Ralph De Souza, GCCI Immediate Past President, welcomed the budget’s focus on key sectors and youth development. Rohan Bhandare, Chairman of GCCI Taxation and Financial Services Committee, noted the positive steps towards employment and tax rationalisation. Pratima Dhond, GCCI Vice President, highlighted the emphasis on women’s empowerment.
Milind Shirodkar, Chairman of ICAI Goa region, praised the budget’s focus on youth skilling and employment, and noted improvements like enhanced Mudra loans and rationalised GST on cancer drugs and mobile phones.
