Bengal’s industrialists praise ‘balanced, growth-oriented’ budget

February 28th, 2011 - 9:31 pm ICT by IANS  

Pranab Mukherjee Kolkata, Feb 28 (IANS) West Bengal’s leading industrial barons Monday welcomed the general budget, calling it “balanced” and “growth oriented” under challenging circumstances.Some of the reactions to the general budget presented by Finance Minister Pranab Mukherjee in the Lok Sabha were:

Sanjiv Goenka, Vice Chairman, RPG Group: In a year of very strong challenges, the finance minister has done a remarkable job by focusing on high growth and making the growth inclusive in building a resilient economy. The whole thought of rationalising subsidies by actually identifying the end-users will help plug loopholes. Particularly welcome is the cut in tax surcharge for companies from 7.5 percent to 5 percent. Also welcome is the foreign dividend tax rate cut to 15 percent for Indian companies. The reduction of fiscal deficit to 5.1 percent is also commendable. All in all, a very matured, very balanced and a pro-growth budget.

Pawan Ruia, chairman, Ruia Group: The best thing about the budget is the direct cash subsidy to people living below poverty line. We have been hearing a lot about this since sometime, but could never fathom how it would be implemented. I shall keenly watch the process of implementation and if it succeeds, I am sure, it will be a lesson for the world. Overall, a great balancing act, given the unpredictability of theworld economy, booming oil prices and acute inflationary pressure.”

Harsh Neotia, chairman, Ambuja Realty: Given the various pulls and pushes that the finance minister has had to deal with, I think he has managed to present a budget which has something for almost all quarters. It seems to be well balanced with an eye towards maintaining the growth momentum and a thrust to rural infrastructure which is crucial. The plus is efforts to check the supply chain and thereby check inflation in food. Thrust has also been given to the education sector, specially primary and secondary sectors. However, perhaps a greater relief ought to be have given to the healthcare sector. Tourism that offers so much potential, has not been particularly looked into.

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