Indian industry has largely appreciated the Budget, owing to its growth-oriented stance, as also taking into consideration major growth areas such as infrastructure, public sector banks, and agriculture, among others.
Welcoming the Union Budget, the Bangalore Chamber of Industry and Commerce (BCIC) termed it as a “growth-oriented budget” that will boost macroeconomics of the country, despite serious crisis in the global economy, with specific emphasis on the development of core sectors especially infrastructure for the next two years.
“The Budget has a slew of policy-oriented announcements and targets set for infrastructure, public sector, social sector, manufacturing sector, finance and tax reforms, agriculture sector and investment on Education, skilling, which we believe will spur overall economic growth, as it clearly sets the right tone for the next three years,” BCIC President Anuj Sharma said.
According to the Federation of Karnataka Chambers of Commerce and Industry (FKCCI) President Tallam R Dwarakanath, “The government has kept in mind the need to transform India in order to have a significant impact on the economy and lives of the people. In this endeavour, the technology is to be leveraged to deliver services and benefit directly to the common man.
This will lead to better environment, sustainability and give a direction to the economy. The focus is on rural, small-scale entrepreneurs, traders and the common man. There is a road map for all in this Budget.”
The Associated Chambers of Commerce and Industry of India (Assocham) President Sunil Kanoria said, “Realising well the limitations brought in by slow demand and global slowdown, the Budget has rightly put emphasis on creation of employment through Start-Up India and Skill Development, however, rationalisation and simplification of tax rates would have benefitted the overall ease of doing business, especially keeping in mind that GST implementation seems to have been pushed ahead.”
Federation of Indian Chambers of Commerce and Industry (FICCI) Presdient Harshavardhan Neotia said, “Overall the budget proposals are in line with the development priorities of the nation. Arun Jaitley has made a strong attempt to pump prime the rural economy and the infrastructure sector. This would yield in the form of demand generation and employment creation over time. The state of the agriculture sector on account of two consecutive years of monsoon failure was precarious and it deserved the attention .”
Forward looking moves
The Budget measures will boost macroeconomics of the country despite serious crisis in the global economy: BCIC
It has kept in mind the need to transform India in order to impact on the economy and lives of the people: FKCCI