ASSOCHAM Seeks Balanced, Growth-Focused Budget for Industry & Common Man

Sanyal anticipates rapid growth under this Budget and emphasised the need for increased infrastructure spending and higher capital expenditure.

The ASSOCHAM Secretary General also highlighted the importance of ease of doing business and appreciated the government's efforts to reduce compliance burdens and simplify GST. However, he noted that there is still much work to be done in this area.

Sanyal expects manufacturing to receive a major boost with increased capital expenditure and hopes for more effective taxation policies for industry.

While speaking to ANI, Sanyal said, "We expect the budget to be very balanced. It will be industry-friendly and aam aadmi-friendly. We anticipate rapid growth under this budget. There is a need for increased infrastructure spending and higher capital expenditure. Infrastructure spending was Rs 11 lakh crore, and we expect it to be at least Rs 15 lakh crore this year. We also need greater ease of doing business. We thank the government for significantly reducing compliance burdens and simplifying GST. However, there is still much work to be done, and this is an ongoing process. We expect manufacturing to receive a major boost with increased capital expenditure. We also expect taxation to become more effective for industry by reducing taxes, eliminating double taxation, and further decriminalising the Companies Act and rules.

Earlier on Thursday, Union Finance Minister Nirmala Sitharaman tabled the Economic Survey of India in Parliament for the financial year 2025-26.

The tabling of the Economic Survey ahead of the Budget follows the long-standing tradition of outlining the state of the economy before detailing future fiscal plans.

The Economic Survey of India is regarded as the nation's official annual "report card" on the economy. It provides a comprehensive, data-backed review of the economy's performance over the previous year and offers a broad roadmap for future policy direction. As the government's flagship annual report, it reviews key economic developments over the past 12 months.

The survey plays a crucial role in the lead-up to the Union Budget. While the Budget focuses on future government spending, taxation, and policy measures, the Economic Survey explains why those decisions are necessary by analysing past economic performance and trends.

The Economic Survey is prepared by the Economic Division of the Department of Economic Affairs under the leadership of the Chief Economic Adviser (CEA). It is presented in two parts, each focusing on different aspects of the economy.

Referring to the Economic Survey 2025-26, Union Minister Piyush Goyal noted that the First Advance Estimates project real GDP growth at 7.4 per cent for the Financial Year (FY) 2025-26, reinforcing India's position as the fastest-growing major economy for the fourth consecutive year.

"The Indian economy has sustained strong momentum, with the First Advance Estimates projecting real GDP growth at 7.4% for FY 2025-26. This underscores India's position as the fastest-growing major economy for the 4th consecutive year," Piyush Goyal wrote on X on Thursday.

Goyal noted that India recorded an inflation rate of 1.7 per cent during April-December 2025, largely due to a contraction in food prices for key commodities like vegetables and pulses, demonstrating effective inflation management by the government.

He also emphasised the government's focus on strengthening manufacturing, describing the progression from 'Swadeshi' to 'Strategic Resilience' and now 'Strategic Indispensability', aimed at promoting confidence in 'buying Indian without thinking'.The Budget session will span 30 sittings over 65 days, concluding on April 2.

The two Houses will adjourn for a recess on February 13 and reconvene on March 9 to enable the Standing Committees to examine the Demands for Grants of various ministries and departments.

- ANI