Budget delivered a fantastic balancing act for individuals and Industry: CII

Budget Focused and Emphasized on Skill, Scale and Speed for Indian MSMEs to grow

July 11, 2014 3:38 IST | India Infoline News Service
“Finance Minister, Mr A Jaitley was at his best yesterday! This budget has been a fantastic balancing act for individuals and industry. I believe the funds allocated to river projects is not a just a tribute to holy river Ganges, but it has a lot of commercial value linked to it. Given the Gujarat record, I’m sure Hon’ble PM has been an efficient task master and I believe we are in the safe hands!” said Mr Rajiv Batra, Co-Convenor, CII Maharashtra Finance & Taxation Panel and Chief Financial Officer, Cummins India at CII’s Budget Impact Analysis Session in Financial Capital of India in Mumbai.
Talking about what the budget means for the economy, Dr Samiran Chakraborty, Economist, Standard Chartered Bank stated that “We have chances of achieving the set target of 4.1% fiscal deficit since the Government has kept room for revenues through disinvestment and keeping the allocation unchanged for the food security bill. If the trajectory of numbers remains on track and if oil crisis or the monsoons don’t impact negatively, the fiscal deficit target would be met. The budget, which usually takes 4 months to formulate has been delivered in time of 4 weeks. Hence, many more announcements can be expected in the coming months. It has gone too micro in terms of announcing 28 new projects of 100 crore each. The effectiveness of its implementation remains to be seen.”
While speaking about the implications of the Budget,Mrs S Gayatri, Senior Vice President & Head – Direct Taxation, Essar Oil said that “The Union Budget presented is close to the NDA’s election manifesto. Thrust has been given to power – coal & solar energy, infrastructure – highways, ports, & airports, real estate industry and FDI in insurance &defence sector. This is a real inclusive budget which also focused on sports, tourism, education, institutions and pilgrimage.”
Mr Vandan Shah, Managing Director, Sipra Engineers., while sharing his views on what the budget delivered specifically to MSMEs stated that the “Hon’ble Prime Minister had told once that he is looking for Skill, Scale and Speed for India to grow. He has adhered to this in his budget by focusing on skill development, apprenticeship training act, redefining MSMEs through investment limits, venture capital, incubation programmes and bankruptcy framework for early exit.”

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