Bengaluru, Feb 1 (PTI) Karnataka industry stalwarts welcomed the union budget presented by Finance Minister Nirmala Sitaraman on Saturday saying the focus on infra, consumption, and investment will help the economy.

Kiran Mazumdar-Shaw, Executive Chairperson of Biocon Limited said the Union Budget 2025 is reassuring, as it instils confidence that India is investing in the right areas to drive stable and inclusive economic growth.

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The significant income tax relief, with no tax payable up to Rs 12 lakh income, will put more money in the hands of the people and thus boost domestic consumption, she said on social media 'X'.

"Consumption, investment, innovation and employment are the four pillars of our economic growth model and FM Nirmala Sitharaman has focused on all aspects of those segments," she added.

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N Venu, Chairman of Confederation of Indian Industry (CII) Karnataka State Council in a statement said the budget strengthens the foundation for 'Viksit Bharat' with its sharp focus on infrastructure, rural resilience, and private sector growth.

"A balanced energy transition, especially the aim to add 100GW nuclear energy along with eliminating civil liability, clean-tech innovation, and strategic capital investments pave the way for sustainability, self-reliance, and global leadership," added Venu.

With progressive reforms in infrastructure, manufacturing, and ease of doing business, Budget 2025 fosters an environment for innovation and investment, Vice-Chairman, CII Karnataka State Council, Rabindra Srikantan, said in a statement.

"The push for clean energy, technology advancement, and a robust logistics ecosystem further accelerates India's transformation," he added.

The Budget's sustained focus on capex spend and more money in the hands of the middle-income group due to big tax relief, will provide a fillip to demand growth and employment, while being fiscally responsible, former Chairman of CII, Southern Region, Kamal Bali, said in a release.

"Subject to the fine print, every sector of society and economy (including MSMEs, agri, startups, tourism, skilling, training in AI), have been thought of and provided some sort of support for transformational growth," he added.

The Budget is inclusive as the finance minister has taken care of the agricultural and manufacturing sectors with the rationalisation of custom duties, focus on skilling initiatives through the creation of centres of excellence, and continued focus on capital expenditure, Deepak Bhall, Convenor of CII Karnataka Economic Affairs Panel said.

"All this while maintaining fiscal discipline -- 4.8% fiscal deficit this year and a target of 4.4% for next year," he added.

Federation of Karnataka Chamber of Commerce and Industry (FKCCI) president M G Balakrishna in a statement said, "The budget is pretty good. We had asked for a few things such as Tax Deduction at Source (TDS) and Tax Collection at Source (TCS). The government has considered that and removed TCS," Balakrishna told PTI.

The budget favours the middle class by giving tax exemptions for income up to Rs 12 lakh a year. MSME, agriculture and manufacturing sector get importance, he said.

Some materials imported by industries and some drugs are exempted from customs duty. "That will be a good development for the manufacturing and health sectors," Balakrishna added.

Vineet Verma, President of Bangalore Chamber of Industry and Commerce (BCIC) also said the reduction in tax rates and the increase in the tax threshold for the middle class will promote consumption.

"The middle class is the backbone of our economy, and these measures will provide much-needed relief and encouragement to spend, ultimately driving economic growth," he added.

Manipal Hospitals chairperson H Sudarshan Ballal termed the budget middle-class friendly and good for the healthcare sector.

"As far as the healthcare sector is concerned a few notable points are - setting up of day-care cancer centres in all district hospitals and establishing 200 hospitals in 2025-2026. These will certainly help take care of the increasing burden of cancer patients especially in the non metros," he opined.

Ballal also lauded tax exemption to 36 life-saving drugs for cancer, rare diseases and chronic severe ailments and expansion of patient assistance programmes.

He also hailed increasing 10,000 additional medical seats in medical colleges with an aim to add 75,000 seats in next five years. This move will improve the doctor-to-population ratio, he opined.

ANSR Inc CEO Lalit Ahuja appreciated the budget saying that the Finance Minister acknowledged the Global Capability Centre (GCC) industry in this year's budget.

"This recognition marks a pivotal moment for our sector, poised to break through the sound barrier of growth and emerge as a vital component of India's IT landscape," Ahuja said.

The proposed national framework will be instrumental in unlocking the potential of tier-two cities, driving the next wave of growth, and enabling us to build a robust talent supply engine that fuels innovation and excellence, he felt.

Trade activist Sajjanraj Mehta said the Union Budget 2025 introduces several measures aimed at enhancing the financial well-being of India's middle class and stimulating economic growth.

Mehta opined that the Income Tax reforms where Rs one Lakh crore money saved by taxpayers will boost the economy, improve the livelihood of a large section of people and help them in combating inflation.

He also hailed the National Manufacturing Mission, which will promote industrial growth and job creation.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)