The Union Budget presented by Finance Minister Nirmala Sitharaman is promising and aligned with the country’s development goals, according to prominent figures from various trade sectors in Kerala. The Confederation of Indian Industry (CII) organised a debate in Kochi to discuss its impact.
Vinod Manjila, chairman of the CII Kerala State Council, commented, “The Budget is designed to steer the Indian economy towards the vision of a developed India.” He added, “It is a highly positive budget that addresses diverse sectors, including agriculture, the middle class, exports, startups, and ease of doing business.”
"Kerala stands to benefit from proposals in agriculture and exports, particularly the increase in the FDI limit in the insurance sector from 75% to 100%. I also welcome the steps taken to rationalise TDS and TCS."
Shalini Warrier, executive director of Federal Bank and vice chairperson of CII Kerala State Council.
Sivadas B Menon, managing director of Sterling Farm Research & Services Pvt. Ltd., saw opportunities for Kerala to capitalise on the budget's proposals, particularly in MSMEs, agriculture, value-added exports, and investments.
Berli Cyriac, director of Medivision Scan and Diagnostic Centre, Nellovelil, welcomed the decision to exempt 36 life-saving drugs from customs duties, noting that it would benefit the healthcare sector. He also appreciated the government's commitment to increase medical education seats by 75,000 over the next five years.
Yadu Narayanan Moose, director of Vaidyaratnam Aushadhasala, noted that the tourism and healthcare measures would significantly benefit Kerala’s Ayurveda sector, especially with the concessions in visa fees for medical tourism.
Santosh Kumar, CEO of Harrisons Malayalam Limited, believed that the overall boost to the Indian economy from the budget’s proposals would also benefit Kerala’s plantation sector.
Vivek Krishna Govind, a chartered accountant at Verma & Verma, pointed out that the tax proposals, which would put approximately Rs 1 lakh crore in disposable income into the hands of taxpayers, were likely to boost consumption.
