New Delhi: The Post-Budget Session on Union Budget 2025-26, organized by the PHD Chamber of Commerce and Industry (PHDCCI), was held at PHD House in New Delhi. The event featured notable speakers, including Shri Tuhin Kanta Pandey, IAS, Finance Secretary & Revenue Secretary, Government of India, who addressed the members on the key highlights and initiatives of the newly presented Union Budget.
Pandey Highlights Pro-Growth Measures in Budget 2025-26
Shri Tuhin Kanta Pandey emphasized that the government’s approach this year was focused on putting money back into the economy, aimed at sustainable growth and addressing the needs of citizens. “We are investing wisely from last year. Our borrowing of ₹15.68 lakh crore has not grown, with a significant portion, ₹15.48 lakh crore, already allocated towards capital expenditure (Capex),” Pandey explained.
He also acknowledged PHDCCI’s request for more frequent engagements with industry stakeholders regarding the Budget and pointed to the government’s commitment to driving growth and fiscal responsibility. He noted that the Budget, under the guidance of Hon’ble Prime Minister, was “pro-people, pro-growth, and pro-taxpayers.” He highlighted the government’s focus on promoting equitable growth to achieve the “Viksit Bharat” vision, despite global challenges.
Pandey identified four core engines driving the Budget: agriculture, MSMEs, investment, and exports. For MSMEs, he pointed out the need for increased credit guarantees, marketing improvements, and greater participation in export growth.
Incentives and Sectoral Initiatives
The Finance Secretary further outlined key measures for various sectors, including agriculture and research. The Budget has allocated approximately ₹20,000 crore to the research and development sector, alongside enhancements to schemes like PM Dhan Dhanya, with limits for Kisan Credit Cards raised from ₹3 lakh to ₹5 lakh. These measures, combined with effective tax policies, aim to accelerate growth, he said.
Pandey also praised the success of voluntary compliance, with ₹90 lakh crore filed and around ₹8-9 crore of taxes being paid voluntarily. He encouraged entrepreneurs to take risks and assured that the upcoming Income Tax Bill would be “exceptional.”
CBIC Chairman Discusses Customs Reforms
Shri Sanjay Kumar Agarwal, Chairman of the Central Board of Indirect Taxes & Customs (CBIC), discussed customs reforms and duty rationalization. He informed attendees about the addition of 37 new medicines under the Patient Assistance Program and exemptions for crucial minerals and capital goods, including materials for electric vehicles (EVs) and mobile phone manufacturing.
He further highlighted the reduction of import duties on wet leather from 10% to zero and other measures aimed at boosting exports and simplifying customs procedures.
“The voluntary declaration filed by importers is a big relief, and procedural simplifications in customs have also been introduced,” Agarwal added. He called for continued collaboration across sectors to make India a cost-effective global solution provider.
PHDCCI Members Reflect on the Budget
Mr. Hemant Jain, President of PHDCCI, hailed the Union Budget as a historic one, particularly in its focus on the middle class and MSMEs. He emphasized that these sectors would drive growth, enhance infrastructure, and create employment opportunities. Jain also appreciated the government’s commitment to climate transition, particularly its support for nuclear energy and the ease of doing business.
Mr. Jain also suggested setting up a helpline for MSMEs and conducting quarterly reviews of its effectiveness.
Tax Reforms and Incentives
Mr. Mukul Bagla, Chair of the Direct Taxes Committee at PHDCCI, highlighted several positive tax reforms in the Budget, including the rationalization of tax slabs and the introduction of a zero-tax threshold for incomes up to ₹12 lakh. He also welcomed the extension of the sunset clause for startups and the rationalization of TDS thresholds. Bagla urged the government to consider setting limits for updated returns and faceless appeals.
Mr. Pramod Rai, Chair of the Indirect Taxes Committee, noted the progress made in indirect tax reforms, especially in customs duties, which he said would support domestic industries and increase exports.
A Defining Budget for India’s Economic Future
Dr. Ranjeet Mehta, CEO & Secretary-General of PHDCCI, described the 2025 Budget as a defining moment in India’s economic trajectory. He commended the government’s fiscal prudence and vision for growth acceleration, which, according to him, would significantly contribute to India’s progress.
PHDCCI is also celebrating 120 years of its legacy, and this event, according to Dr. Mehta, exemplified the spirit of collaborative governance in advancing India’s economic objectives.
This report follows AP style, with concise and clear sections highlighting key discussions and announcements from the PHDCCI Post-Budget Session. It focuses on the government’s efforts to stimulate growth, support MSMEs, and rationalize tax policies while also showcasing members’ responses to the Union Budget.
