Welcoming the Indian budget, Confederation of Indian Industry president, Sumit Mazumder said, “Budget 2016-17 is well-balanced and comprehensively addresses all aspects that industry was looking for, including revitalising the rural economy, infrastructure build-up, relief for stressed assets, and simplification of taxes.”
“CII is happy that the fiscal deficit as announced by the Finance Minister Arun Jaitley in 2015-16 budget has been maintained given current compulsions of the Seventh Pay Commission and the challenging global situation.” Commending the macroeconomic priorities and structural reforms laid out in the budget, Mazumder said, “We believe that the focus on macroeconomic stability, boosting domestic demand and continued economic reforms would further cement India's position as a haven of growth in a fragile global economy.”
As the new Budget undertakes several key initiatives for job creation in the formal sector, which was taken up consistently by CII, the contribution of EPF for new employees for three years, entrepreneurship development courses, changes in the transport sector, and so on would encourage job generation, stated Mazumder. “We particularly welcome the different ways adopted by Jaitley to drive employment generation.”
