USIBC Welcomes India's Union Budget 2025, Says 'Economic Reforms Essential To Strengthen Commercial Ties'

The United States India Business Council (USIBC) has expressed strong support for India's Union Budget 2025, emphasizing the need for significant economic reforms to bolster commercial ties between India and the United States. Ambassador Atul Keshap, the President of USIBC, highlighted that these reforms are essential for enhancing India's global competitiveness and attracting increased foreign investment.
The budget focuses on important areas such as agriculture, micro, small, and medium enterprises (MSMEs), investment, and exports, which reinforce India's position as a dynamic player in the global economy. Keshap noted that as the world's fifth-largest economy and a key partner in the Indo-Pacific region, India's ongoing economic reforms are vital for unlocking new growth opportunities with the U.S.
Keshap urged India to pursue more ambitious reforms in taxation, regulatory frameworks, and business procedures. He indicated that while the budget outlines a vision for economic resilience and technological advancement, deeper systemic reforms are necessary to accelerate foreign direct investment (FDI) and simplify the regulatory landscape for businesses.
The USIBC welcomed the tax relief measures introduced for the middle class, which are expected to boost consumption and savings. The Finance Minister announced no income tax on annual salaries up to ₹12.75 lakh, a move that is anticipated to stimulate economic activity.
Despite steady FDI levels, Keshap expressed concern over the lack of significant acceleration in investment inflows. He stressed that a balanced and transparent trade environment is crucial for deepening U.S.-India economic ties.
Keshap praised India's commitment to energy security through initiatives like the Nuclear Energy Mission for Small Modular Reactors (SMRs), which has an allocation of ₹20,000 crore. He noted that successful implementation will depend on streamlined regulatory approvals and a clear engagement roadmap for the private sector.
USIBC's response underscores a positive outlook on India's budget while advocating for further reforms to enhance bilateral trade relations and economic collaboration between India and the U.S.
ANI
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