The Mangaluru-based Kanara Chamber of Commerce and Industry (KCCI) has said that specific incentives for industries in Karnataka were overlooked in the Union Budget 2025-26.
Anand G Pai, President of KCCI, said specific incentives for industries in Karnataka, particularly for sectors such as manufacturing, information technology (IT), and logistics, were overlooked in this budget. The coastal and industrial regions of Karnataka require dedicated policy support to enhance industrial growth and global competitiveness, he said.
Stating that the budget lays a strong foundation, he said additional measures in the areas such as MSMEs could further strengthen business confidence. Suggesting further reduction in corporate tax rates for MSMEs to encourage expansion, he sought improved access to working capital and lower cost of borrowing for MSMEs and exporters.
He said there is a need for greater clarity on implementation timelines for new tax provisions to ease compliance.
The KCCI also sought incentives for digitization and automation in traditional industries to enhance competitiveness.
He said the KCCI appreciates the Government’s vision for a self-reliant, globally competitive India and looks forward to constructive dialogue to ensure effective implementation of budgetary measures. “We remain committed to advocating for policies that enhance the economic growth of the coastal Karnataka region and India as a whole,” Pai said.