Industrialists and entrepreneurs of various Information Technology and IT-enabled services in the city mostly welcomed the Union Budget 2025-26, presented on Saturday (February 1).
As a special session, CII Visakhapatnam organised an interaction on Union Budget 2025-26 here with live-screening of the Budget presentation.
CII Andhra Pradesh chairman V. Murali Krishna termed the Budget a progressive and growth-driven roadmap for strengthening agriculture, MSMEs, startups, healthcare and infrastructure. The increase in the income tax exemption limit to ₹12 lakh is a significant relief for the middle class, he said, adding that this would boost savings and increase disposable income with the people.
He highlighted that the exemption of basic customs duty on 36 life-saving drugs, including those for cancer and rare diseases, would reduce the cost of treatment, making essential healthcare more accessible.
The establishment of 200 day care cancer centres in district hospitals would decentralise cancer care and reduce the burden on major hospitals. The government’s initiative to add 75,000 new medical seats over the next five years is a critical step in addressing India’s doctor-to-population ratio.
Neeraj Sarda, former chairman of CII Andhra Pradesh, emphasised the strategic importance of shipbuilding, supported by the ₹25,000 crore Maritime Development Fund and incentives for large ships, making it a key job creator.
The government’s focus on mining and recovery of critical minerals, including duty exemptions on lithium-ion batteries and cobalt, would reduce import dependency and support industries such as electronics and defence. The ₹20,000 crore Nuclear Energy Mission for Small Modular Reactors, along with EV and green energy investments, would drive capital expenditure and accelerate India’s clean energy transition, strengthening industrial growth and self-reliance.
J. Srinivas Raju, former chairman, CII-Visakhapatnam, said that upgrade of IITs and premier institutions would strengthen India’s research ecosystem, fostering advancements in AI, semiconductors, and clean energy technologies.
DeepTech Naipunya Foundation chairman Sreedhar Kosaraju said the ₹10,000 crore Fund of Funds for Startups would drive innovation. This would provide the much-needed growth capital to early-stage starups, further solidifying India’s position as a global innovation hub.
The initiative to provide five lakh first-time women entrepreneurs term loans of ₹2 crore over the next five years will empower women and encourage more female-led startups, he said.
Published – February 01, 2025 08:11 pm IST
