With the Budget 2025 in mind, the centre aims to continue its fiscal consolidation path in FY26, with a fiscal deficit target of 4.5% of GDP. For FY25, the projected fiscal deficit is 4.7%, while states are expected to have a deficit of 3.2%. Fiscal discipline in FY25 has been bolstered by reduced expenditure growth (3.3% compared to the budgeted 8.5%) and strong revenue collections from personal income taxes and non-tax sources. "Looking ahead, I hope that the upcoming budget continues to prioritize these areas while also introducing policies that promote innovation, production-linked incentives (PLIs), and sustainable practices. These measures are crucial for driving holistic economic growth and ensuring balanced and inclusive development for India,” said Anil G Verma, CEO and Executive Director, Godrej & Boyce.
Ankit Verma, Indian Subcontinent Head, Air8 said, "As we approach Budget 2025, we hope for a strategic focus on empowering SMEs through enhanced access to affordable credit and support for manufacturing innovation. Strengthening public-private partnerships to create value for SME businesses is vital, particularly for green and sustainable practices.
"Given SMEs' crucial role in employment and exports, the Budget should prioritize measures that enable them to scale operations, embrace eco-friendly solutions, and enter international markets. Robust financial and policy support will not only help SMEs thrive domestically but also position them as key players in global value chains, driving India's sustainable, export-led growth agenda."
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