Budget Boosts India’s Economic Growth

New Delhi [India], February 03: The 2025 Union Budget was one of the most anticipated in recent years, especially by the common man and every hardworking taxpayer. After years of navigating a complicated and sometimes daunting tax system, the government’s focus on simplification and reform is a welcome change.

Forvis Mazars in India is a leading audit and assurance, tax, and advisory firm that has a shared view on the budget.

Rohit Goyal, Partner, Financial Advisory, Forvis Mazars in India shares his views on-

On cleantech manufacturing

Developing and gradually moving towards cleantech manufacturing is crucial for creating a sustainable future, reducing reliance on imports and contributes to global environmental objectives. Prioritizing the production of clean energy critical products domestically, such as solar cells, electric vehicle batteries, lithium-ion batteries, and essential electronic components like controllers and motors, will provide a boost to Make in India initiatives, reduce reliance on imports and support the government’s ambitious clean energy targets.

On Revision of classification criteria for MSME

The revision in the revenue and investment limits for classification criteria of MSMEs will encourage businesses to expand and not remain constrained below a particular threshold. It will lead to better efficiencies and financial strength in the MSME space. The revision will encourage cost efficiencies, participation in larger projects, enhanced capital investment and RD focus for better product output and delivery.

Dhanuka Agritech is one of India’s leading plant protection company.

Dr. R.G Agarwal, Chairman Emeritus, Dhanuka Agritech Limited, comments-

“We highly appreciate the government’s initiative to make India the food basket of the world. The Dhan Dhaniya Krishi Yojana for 1.7 crore farmers in 100 low-productivity districts is a monumental step towards rural prosperity. The Edible Oil Mission, enabling farmers to enter into procurement agreements with agencies like NAFED and NCCF, will provide price security, enhance domestic oilseed production, and enhance India’s export strength. The government’s move to enhance vegetable production to match growing consumption is also commendable.

This budget is a significant step towards a stronger, Make in India agriculture sector boost spirit of farmers. The National Mission on High Yielding Seeds, storage facilities after production, KCC loans for 7.7 crore farmers increased from ₹3 Lacs to ₹5 Lacs and the creation of the Makhana Board in Bihar are commendable initiatives, they are important steps to improve agricultural productivity and support farmers. Also, the announcement of a 6-year mission for ‘Atmanirbharta’ in pulses, including procurement agreements for toor, urad, and masoor, is a testament to the government’s commitment to making the agricultural sector stronger and the farmers prosperous.

While many positive initiatives have been put before us we asked the government to revisit and make it 5% GST on essential agricultural inputs. These initiatives are in line with our vision of a self-reliant, prosperous, and sustainable agricultural future. We thank the government for these forward-looking decisions that will spur agricultural development and boost India’s path towards Aatmanirbhar Krishi.”

Disclaimer: Views expressed above are the author’s own and do not reflect the publication’s views.