ADVERTISEMENTs
-10”-x-5.png)
USISPF lauds India's Union Budget 2025
The organization highlighted that the tax reforms, a reduction in the fiscal deficit, and important changes in financial services, technology, and agriculture will attract investment and foster innovation in key sectors of the Indian economy.
The United States-India Strategic Partnership Forum (USISPF) praised the Indian government for its robust Union Budget 2025-26, calling it a "blueprint for propelling economic growth toward the government’s vision of a $5 trillion economy."
The organization highlighted the main points of the budget, including major tax reforms, a reduction in the fiscal deficit, and important changes in financial services, technology, and agriculture that will attract investment and foster innovation in key sectors of the economy.
Underscoring the role of Artificial Intelligence in U.S.-India relations, USISPF lauded the decision of the government to set up a new Centre of Excellence for Artificial Intelligence (AI) for education, which ties into previous announcements of similar Centres of Excellence in AI for agriculture, health, and sustainable cities. USISPF also welcomed the government's decision to eliminate the cap on foreign direct investment in the insurance sector, which it claims will unlock fresh capital and drive innovation and investment while also expanding nationwide insurance penetration.
Dr. Mukesh Aghi, president and CEO of USISPF, said, “USISPF is confident that the budget will accelerate India's economic growth, drive increased investments, job creation, and innovation, while further cementing its status as a global economic powerhouse. We eagerly anticipate the positive impact of these measures on the Indian economy attracting more American investments into India and the deepening of economic and commercial ties between our two democracies. USISPF remains steadfast in supporting the government's vision for a prosperous and inclusive India”. He added, “The comprehensive measures—from removing the FDI cap in the insurance sector and simplifying KYC processes to increasing the income tax limit—are set to stimulate economic activity, boost consumer spending, and revive the 'animal spirit' of the economy."
Tarun Bajaj, chairperson of the US-India Tax Forum, which presented recommendations to the government for the budget, said, “The Union Budget 2025, presented by Finance Minister Nirmala Sitharaman, lays out a roadmap for boosting consumption and accelerating growth and employment. It has a strong focus on simplifying the tax regime, boosting domestic manufacturing, and on ease of doing business/deregulation and decriminalization. The budget emphasizes "Make in India, make for the world" and aims to strengthen India's position as a global economic powerhouse”.
“A cornerstone of the budget is the announcement of the new Income Tax Bill, designed to simplify the tax laws. International taxation reforms aim to create a more favorable environment for cross-border businesses. Expanded safe harbor rules and rationalization of TDS and TCS provisions are expected to reduce complexities and encourage foreign investment," he added.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
E Paper
ADVERTISEMENT
.jpg)
Video
.png)
.png)
.png)
.png)
Comments
Start the conversation
Become a member of New India Abroad to start commenting.
Sign Up Now
Already have an account? Login