On Monday, industry leaders met with the Finance Minister to talk about the upcoming budget for 2025-26, which will be revealed on February 1. They asked for several important changes to help the middle class in India.
First, they want lower personal income tax rates so people can keep more money for themselves. This would give families more spending power. They also discussed reducing taxes on fuel, which can make life easier for many people by allowing them to save money when filling up their cars.
Additionally, they highlighted issues like cheap products coming from China, which hurt local businesses. They also talked about how climate change is affecting food security and driving up prices.
Sanjiv Puri, the President of the Confederation of Indian Industry (CII), explained that while India’s economy is strong, there are many global challenges. He noted that clothing, shoes, tourism, and furniture industries could create more jobs and should be supported.
To help people spend more, they suggested making cuts to the income tax for anyone earning up to ₹20 lakh. This could help boost spending and, in turn, increase tax revenue. Puri also said that lowering fuel taxes could help consumers save even more.
Vijay Sankar from FICCI mentioned that the Finance Minister listened carefully to their concerns. They chatted about the slowdown caused by cheap goods from countries like China. PHDCCI President Hemant Jain emphasized that lower income taxes would help people spend more money and ease inflation.
Finally, Assocham President Sanjay Nayar raised the need to help small businesses by making it easier for them to get loans and handle different tax requirements.
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