Better than expected Budget, India Inc hails Pranab

New Delhi, Feb 28 (PTI) The Indian industrial sector on
Monday welcomed the Budget terming it as "positive" and
"growth-oriented" and some leaders were pleasantly surprised
with the unchanged excise rate in major sectors.
"Overall, the Budget is a growth-oriented and a good one
and it has not taken the last year's growth for granted,"
Confederation of Indian Industry (CII) President Hari Bhartia
said.
He, however, said the Finance Minister should have given
more stress to the health sector and the "demand for treatment
of healthcare as infrastructure has been overlooked".
Bhartia said the targetted subsidy on kerosene and food
will reduce the wastage of subsidy.
"Also the digitisation of I-T system will expand the tax
base. Compliance and self regulation will reduce human
interaction," he added.
Expressing similar views, Kotak Mahindra Bank Vice-
Chairman and Managing Director Uday Kotak said: "Budget is
positive for the equity and bond market. A 4.6 per cent fiscal
deficit is looking like a very good number."
He said the auto sector was expecting a hike in excise,
which has been kept unchanged at the existing levels.
"Budget has positively surprised us," he said, adding
the "Budget has done better than normal expectation".
He, however, said that the income tax relief provided to
general tax payers as "marginal move" as it has been increased
by only Rs 20,000 to Rs 1.80 lakh from current limit of Rs
1.60 lakh.
Commenting on the proposal to launch a national mission
for hybrid and electric vehicles, Society of Indian Automobile
Manufacturers (SIAM) President Pawan Goenka said: "This is a
very welcome move. It will allow advanced technologies to be
developed in India rather than importing technology."
Although there were no specific measures, such as
allowing FDI in multi-brand retail, Future Group Chief Kishore
Biyani said the government is showing its recognition through
the Budget what the modern retail has been saying so far.
"The announcements made to strengthen the farm sector,
cold chain investments and recommendations to amend the
Agriculture Produce Marketing Committee (APMC) Act are all
indicative of the government's will," he said.
"All the measures announced today are a precursor for
things to come," Biyani added.
ENAM Securities Chairman Vallabh Bhansali: "He
(Mukherjee) has succeeded in fighting all populist forces I am
happy with what he has done."
Congress, however, hailed the budget saying the
Finance Minister did not take any "cheap populist step" and
the exercise was a reflection of an India aspiring to become
super power.
Party spokesman Manish Tewari said, "concrete steps
have been taken to strengthen the economic fundamentals in the
budget," adding the Finance Minister's exercise was
futuristic.