Budget 2025: Reactions from Top Industrialists Uday Kotak, Harsh Goenka, and Anil Agarwal

The Union Budget for 2025 was unveiled by Finance Minister Nirmala Sitharaman in the Lok Sabha, prompting diverse reactions from key figures in India's business community.

Uday Kotak's Insight

Uday Kotak, a prominent banker, described the tax benefits in the budget as a "tax sweetener for the middle class" on his X profile. He stated, "A budget for steady fiscal consolidation. A tax sweetener for the middle class should help consumption. Welcome steps to improve ease of doing business." This positive outlook suggests he believes the budget will encourage spending and improve business operations.

Harsh Goenka's Perspective

Harsh Goenka, Chairman of RPG Group, echoed a feeling of transformation for India with the budget. In his reaction on X, he stated, "India does a 'shahi snan,' cleansing itself from structural issues and transforming towards a truly Viksit Bharat." He praised the budget as a "Champions budget" that aims to implement structural reforms and uplift the middle class, particularly in enhancing consumption.

Anil Agarwal's Approval

Anil Agarwal, Chairman of the Vedanta Group, expressed his enthusiasm by stating that the budget has "hit the perfect note." He highlighted mining as one of six sectors designated for transformative reforms over the next five years. Agarwal emphasized the importance of not just mining, but also agriculture and manufacturing, particularly electronics, in strengthening India’s economy and creating jobs.

He noted that the budget allows for incomes up to Rs 12 lakh per annum to be completely tax-free, which he views as significant relief for the middle class. He remarked, "This is the biggest section of the middle class. It has also significantly reduced the tax burden for incomes up to Rs 24 lakh." Agarwal further pointed out that the new tax system aims to be simple and taxpayer-friendly, which could potentially boost manufacturing and mining sectors.

The responses from these industrialists reflect a sense of optimism about the proposed fiscal measures and their potential impacts on the economy and middle-class citizens.

Budget, Finance, Economy