MP CM Yadav, business outfits hail Union Budget, Cong calls it disappointing

Bhopal/Indore, Feb 1 (PTI) Madhya Pradesh Chief Minister Mohan Yadav on Saturday welcomed the Union Budget and said it would fulfil the commitments of a developed India. Business and industrial outfits in the state also hailed the Budget.

Opposition Congress slammed the Budget, with former CM Kamal Nath terming it “disappointing” and claiming that no special announcements were made for Madhya Pradesh.

In a post on X, Yadav said, “The Union Budget 2025-26 presented by Finance Minister Nirmala Sitharaman under the guidance of respected Prime Minister Narendra Modi will fulfil the commitments of a developed India.” Calling the Budget welfare-oriented and all-inclusive, he said it is infused with the spirit of ‘Antyodaya’ and a new vision of innovation, incorporating various sectors like startups, innovation and artificial intelligence along with the overall development of the poor, youth, farmers and women power of the country.

Antyodaya is the concept of ensuring the welfare of the people at the bottom of the pyramid.

Terming the Budget “disappointing”, Nath said it had no special provisions for MP. “The economy of Madhya Pradesh is already weak and the state is continuously sinking in the quagmire of debt,” he said.

The Congress leader said the state has remained empty-handed in areas like jobs, infrastructure development, education and health. There is nothing in the Budget for scheduled castes, tribes and other backward classes, he claimed.

“The income tax exemption given to the middle class is nothing more than a drop in the ocean,” he said.

Presenting the Union Budget 2025-26, Finance Minister Nirmala Sitharaman said that no income tax would be payable up to income of Rs 12 lakh annually, a move aimed at giving relief to the middle class.

The industry and business outfits in MP and the start-up community praised the general budget, saying it will boost the country’s development and make India self-reliant in different sectors by increasing the gross domestic product (GDP).

These organisations called the announcement of a ‘nil’ tax on income up to Rs 12 lakh a big relief to the middle class, which they said would increase the flow of capital in the market.

Yogesh Mehta, president of the Association of Industries Madhya Pradesh, a body of micro, small and medium enterprises (MSMEs), told PTI in Indore that the Budget would pave the way for a “Developed India and Aatmanirbhar Bharat”.

Mehta praised the announcement of issuing 10 lakh credit cards with a limit of up to Rs 5 lakh for micro-enterprises registered on the Udyam portal.

Sawan Laddha, secretary of ‘Invest Indore’, an outfit working for start-ups, said that the new Rs 10,000 crore Fund of Funds to boost budding entrepreneurs will lead to rapid expansion of the start-up sector and give impetus to innovation and entrepreneurship.

Dr Davish Jain, chairman of the Soybean Processors Association of India (SOPA), said, “The Budget reflects the strong commitment of the government to promote oilseed production, achieve self-sufficiency in edible oils and empower farmers.” Akshat Chaudhary, chairman of the Malwa zone of the Confederation of Indian Industry (CII), said the Budget will strengthen the country’s economy and exports.

Ramesh Khandelwal, a member of the National Traders’ Welfare Board constituted by the Central government, called the Budget “very good”. “The finance minister has given more gifts than the expectations that small traders and the middle class had from the Budget,” he said.

Confederation of All India Traders (CAIT) national vice president Rameshchandra described the I-T relief for those earning up to Rs 12 lakh as “historic” and said the move will increase the country's GDP.

Bhopal-based CA Palash Jain also welcomed the I-T bonanza for the middle class, calling it the need of the hour.

“This (tax relief) will rapidly increase the income in the hands of the middle class. Further, the investing capacities of the middle-income group will boost and parallelly, this will stretch the spending capacity which will also ensure the flow of cash into the market,” he said. PTI HWP/ADU NR

Source: PTI