Sat Feb 01 14:05:48 UTC 2025: ## Mangaluru Businesses Applaud Union Budget 2025

**Mangaluru, February 1, 2025** – The Union Budget 2025 has received widespread praise from business leaders in Mangaluru, who see it as a catalyst for economic growth and ease of doing business.

The Kanara Chamber of Commerce and Industry (KCCI) president, Anand G. Pai, lauded the budget’s focus on four key growth engines: agriculture, MSMEs, investments, and exports. He highlighted the positive impact of income tax amendments, GST simplification, and measures to improve tax administration. Pai also welcomed the revised MSME classification criteria and increased credit guarantee cover, believing these will help small businesses expand. The emphasis on labor-intensive sectors and increased capital expenditure for infrastructure development were also cited as significant positives. While praising the budget, the KCCI also requested additional measures, including lower corporate tax rates and better access to working capital for MSMEs, along with specific incentives for Karnataka’s manufacturing, IT, and logistics sectors.

Vishal L. Salian, president of the District Small Industries Association, echoed these sentiments, calling the budget a progressive step for empowering MSMEs and startups. He specifically praised the enhanced credit guarantee scheme under CGTMSE, doubling the cover for micro and small enterprises to ₹10 crore and for startups to ₹20 crore, and the introduction of customized credit cards for micro-enterprises. Both leaders believe the budget will significantly improve access to formal credit and foster financial inclusion.

Read More