Welfare oriented budget will help build economy’s capacity: Prof. Agarwal

February 28th, 2011 - 9:41 pm ICT by ANI  

Pranab Mukherjee New Delhi, Feb 28 (ANI): Professor J.D. Agarwal, noted economist and Chairman, Indian Institute of Finance, reacting to the Union Budget 2011 presented by Finance Minister Pranab Mukherjee, said It is a well balanced budget which will help building the capacity of the economy.

According to Prof. Agarwal, Finance Minister has taken care of different sectors of the economy very well.

The Finance Minister has tried to control inflation through rationalisation of excise and customs duties.

He appreciated Finance Minister’s special attention to the states of Jammu and Kashmir, West Bengal and Tamil Nadu.

According to him, the industry deserved better attention and it was expected that the surcharge would be removed. However, he feels that reduction in surcharge from 7.5 to 5 percent would have positive impact.

Enhancing the farm credit facilities and inter state subvention of additional 1 per cent will help farmers get credit at 4 per cent would give great relief to the farmers felt Prof. Agarwal. However to increase productivity of Agriculture sector, greater impetus for larger investment was expected.

“The Finance Minister has adopted a socialistic approach for maximizing welfare through financial inclusion and investment,” said Prof. Agarwal. (ANI)

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