UK India Business Council welcomes Union Budget's focus on regulatory reforms, fiscal consolidation

It said that it was encouraged with the Budget's clear focus on economic growth, invigorating private investment, skilled workforce and consumer spending.

UKIBC also welcomed the focus on key domains such as tax administration and policy, urban development, energy security, financial sector, and regulatory reforms.

The budget is aligned with India's ambition of Viksit Bharat 2047. The slew of reforms showcases a promising image of India globally, for foreign investors.

The Council applauded the focus on trust-based economic governance and further enhancing Ease of Doing Business, especially with regard to inspections and compliances at the state-level.

India is a story of consistent transformation, spurred by world-leading economic growth. UKIBC and businesses in UK recognise the business reforms undertaken by Indian government, it said.

There have been clear wins in digitisation, GST, ease of doing business and the creation of a thriving ecosystem for entrepreneurship and innovation, the Council said.

British companies are committed to manufacturing in India and welcome policies that help integrate India into their supply chains without impacting their efficiency.

Richard McCallum, Group Chief Executive Officer, UK India Business Council said, "The Budget 2025 sets out a clear pathway to further enhance economic growth through increasing consumer spending, reforms to boost private investment and building a future-ready workforce that can Make for the World. At the same time, appropriately in our view, the Indian government has focused on fiscal consolidation - the stability of macroeconomic fundamentals to ensure India's attractiveness as an investment destination."

"Investors need to be able to optimally leverage the FDI cap liberalisations - this comes down to accompanying provisions. The intent to revamp the current model bilateral investment treaty and make more investor-friendly also welcome - we recommend this should be rooted in investor protection," he added. (ANI)