Singapore, Feb 1 (PTI) The Singapore Indian business community head on Saturday welcomed a comprehensive approach outlined in the 2025-2026 Union Budget, particularly about domestic consumption and economic growth.

"The targeted reduction in income taxes for the lower middle class is not just a thoughtful and impactful move, but a lifeline for millions," said Neil Parekh, Chairman, Singapore Indian Chamber of Commerce and Industry (SICCI).

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"Moreover, I am particularly pleased with the strategic initiative to unleash more significant foreign and domestic investment across India," he said.

Parekh believes the decision to increase the Foreign Direct Investment (FDI) limit to 100 per cent in specific sectors is not just a positive move, but a game-changer. By raising the FDI cap from 74 per cent to 100 per cent in the insurance sector, India is opening the door wider to much-needed foreign capital, advanced technologies, and global expertise.

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Chairman and Co-founder of the Singapore-based Global Schools Group Atul Temurnikar also hailed the Budget, calling it a blueprint for Viksit Bharat.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)