UK India Business Council Congratulates Finance Minister, Welcomes Key Reforms in Budget 2025-26
New Delhi [India], February 1 (ANI): The UK India Business Council (UKIBC) has extended its congratulations to Finance Minister Nirmala Sitharaman and the Government of India on the presentation of India's Union Budget 2025-26, hailing it as a notable milestone in the country's economic transformation journey.
The UKIBC expressed enthusiasm for the budget's explicit focus on fostering economic growth, stimulating private investment, a skilled workforce, and consumer spending. Key areas such as tax administration and policy, urban development, energy security, financial sector, and regulatory reforms received special attention from the Council.
As highlighted through its ambitious 'Viksit Bharat 2047' initiative, the budget showcases India's commitment to establishing itself as a favorable destination for foreign investors, thereby setting a promising tone abroad. By promoting trust-based economic governance and ease of doing business at both state and national levels, the Indian government stands poised to integrate businesses effectively.
The UKIBC acknowledges India's narrative of consistent transformation marked by world-class economic growth. The Council recognizes the crucial progress made by the Indian government through policies like digitization, Goods and Services Tax (GST), ease-of-doing-business reforms, and fostering a thriving ecosystem for entrepreneurship and innovation.
British companies are committed to manufacturing in India, viewing supportive policies that promote seamless integration into their supply chains as essential to maintaining efficiency. Richard McCallum, Group Chief Executive Officer of the UKIBC noted that "Budget 2025 sets out a clear pathway to enhance growth through increasing consumer spending and boosting private investment. At present, this will be coupled with developing a future-ready workforce capable of competing globally."
McCallum emphasized that fiscal consolidation - the stability of macroeconomic fundamentals - is crucial in making India more attractive as an investment destination. Additionally, liberalization of Foreign Direct Investment (FDI) caps must be supported by provisions aimed at safeguarding investors' interests.
The intention to revamp bilateral investment treaties and foster a more investor-friendly environment has also been welcomed by the UKIBC. "We highly value these developments," McCallum noted.