The Finance Minister has presented a comprehensive, balanced and growth-oriented budget, said Mr Sunil Mittal, President, CII in a Press Release issued.
The Finance Minister has managed to address the triple challenge of growth inclusiveness and sustainability very astutely, said the CII President. The budget proposals would go along way in building people and building India, he added.
The beneficiaries of the budget vary from farmers to industry to the average salary earner. And all this without making the budget fiscally irresponsible, said the CII release.
However, CII hoped that the expected proposals of the Sixth Pay Commission have been kept in mind while balancing the budget, since any provision for that did not seem apparent from the Finance Minister's speech.
The cornerstone of the budget has to be the obvious fillip that it would provide to consumption in the country and thereby pump up a demand led growth cycle.
This would supplement the neutral stance that the RBI has just indicated in the last Monetary Policy Review, said the CII release.
This is very important if the economy has to maintain its current growth trajectory and move to a double digit one, said the CII President.
While largely, industry has every reason to be happy owing to the various favourable measures announced by the Finance Minister, CII is particularly happy that the necessary attention has been given to the social sector including Health and Education.
The fact that this has been supplemented by a lot of focus on the rural economy would indirectly fuel a growth cycle, said CII.
And eventually, this is one budget, which has focussed a lot on the development of people of this country, which can make the difference between reaping a demographic dividend against the risk of facing a liability.
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Confederation of Indian Industry
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