Increasing S Pass quotas, levies, manpower shortages, and rising rental and operating pressures were among the top business challenges highlighted in a roundtable discussion conducted by the Singapore Indian Chamber of Commerce and Industry (SICCI) on Oct 28.
Ahead of Budget 2026, the discussion encompassed views from more than 600 businesses in Singapore, including leaders from key Indian business associations, start-up founders, and SICCI board members. The aim was to gather perspectives on key business community concerns ahead of Prime Minister and Finance Minister Lawrence Wong’s Budget statement for the next financial year.
Following the roundtable discussion, alongside a separate online survey of clients from SICCI’s SME Centre, the chamber formally presented its Budget 2026 recommendations to the Ministry of Finance.
In its recommendations, SICCI asked to review the local-to-foreign worker ratio for sectors facing chronic shortages and to introduce flexible or seasonal work-pass schemes during festive peaks.
In terms of support for rental and operating pressures, SICCI proposed property tax rebates or a one to two per cent plough-back to heritage precinct associations such as the Little India Shopkeepers & Heritage Association. It also suggested designating Little India as a Historic District, recognising its cultural and tourism value.
SICCI noted that SMEs continue to face persistent cost pressures, manpower constraints, skills-transition challenges, and industry disruption arising from shifts in consumer behaviour and regional competition.
The Chamber also emphasised that the proposals were submitted in the spirit of constructive partnership with the shared aim of ensuring that Singapore’s SMEs and start-ups remain competitive, innovative, and future-ready amid global uncertainties.
“Budget 2026 presents a timely opportunity to strengthen Singapore’s SME backbone and bolster business transformation. We look forward to continued collaboration with the Government to build a resilient, inclusive, and globally competitive economy,” said SICCI’s chairman Neil Parekh.
sanush@sph.com.sg
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