Budget 2007-2008 lacks the punch-Pantaloon's Kishore Biyani
01 Mar '07
1 min read
India presently has the best economic environment ever seen with long-term GDP growth, capital formation, foreign investments, capital formation, foreign exchange (forex) reserves and other economic indicators are at record levels, the Finance Minister rightly said during his Union Budget speech for 2007-08, said Kishore Biyani CEO, Future Group & MD, Pantaloon Retail.
India could have built on economic growth momentum and joined the league of economic superpowers by driving innovation, building a strong research base with emphasis on design.
But this year, the Budget doesn't look as if it's going to take our economic growth to the next level, said Biyani.
Consumption is set to play a major role in growth in India. But the Budget hardly had any measures which could have driven more consumption in economy and consequently more growth.
On the upside footwear and plastic products will become cheaper due to reduction in various duties and taxes enhanced provision for integrated textile parks and emphasis on technology upgradation will definitely benefit fashion industry, he said.
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