Thursday, July 10, 2014: The Confederation of Indian Industry (CII) has lauded the much-awaited union budget for the fiscal year 2014-15 presented in the parliament today by Finance Minister Arun Jaitley. India Inc has warmly embraced the BJP-led NDA government’s budget primarily for its comprehensive and holistic approach in covering major areas.
“It has covered many aspects of the population and that is big plus. The finance minister has looked at policies from 2-3 year view and this is a positive direction for higher economic growth” Ajay S Shriram, President CII and Chairman and Managing director, DCM Shriram Ltd was quoted as saying by the Economic Times. The fact that the budget focuses on job creation and tax stability at the same time has gone well with CII. “The mandate of getting the fiscal deficit down to 3 per cent by 2016-17 is in line with his observation where Jaitley wants to expand the economy and bring in fiscal consolidation rather than contracting expenditure,” Shriram added.
Meanwhile, the Jaitley’s maiden budget also stresses on addressing key issues around mining, road building and infra projects. It envisages the creation of smart cities and encourages FDI in e-commerce, as also provides Rs 1,00,000 million startup fund to help boost the MSME sector.
