FICCI president Pankaj Patel called the Indian budget 2017-18 "directionally correct" and one that "strengthens the governance fabric of the nation." Commenting on the budget, Patel said, "This budget would tremendously strengthen the economic muscle of the country. It is directionally correct, fiscally prudent, and strengthens the governance fabric of the nation. FICCI compliments the Finance Minister on his vision for the economy which alongside economic growth also ensures economic justice. Growth without inclusion can be a liability for the country."
He also added, "I think the biggest takeaway from the budget is the reform introduced in the area of political funding. The demonetisation move of the government was an attack on the stock of black money and the measures announced in the budget on electoral funding will help attack the root cause of corruption of India. FICCI had represented to the government for bringing in such measures that will enhance transparency in line with the tenets of good governance. I give full marks to the government for this bold and pragmatic measure."
The government this year, has pursued its objective to double the income of farmers in five years' time, the government has significantly enhanced the allocation under most of the agri-economy directed schemes and programs including those related to farm credit, crop insurance, soil health, irrigation, market infrastructure, dairy farming and all. "All these efforts including the all-time high annual allocation for the reformed MNREGA scheme will not only help improve the income levels in the rural areas of the country but also help generate a swathe of new jobs across vast parts of the nation. This is a clear boost for generating demand on a large scale," Patel said.
FICCI has often emphasised the need to have a strong education and skill development framework in the country to capitalise on the demographic dividend that the country has. This year's budget contains several measures that would move us closer to realising this. "We have been working in some of these areas and will continue supporting the government in these endeavours."
Prudent and pragmatic budget: CII President
The Confederation of Indian Industry (CII) in its comment on the budget said it unleashes multiple instruments to revive demand and encourage investments, simultaneously prioritising the needs of vulnerable sections of society.
"The Finance Ministry is to be complimented for delivering a prudent and pragmatic Budget that caters to most sectors of the economy. Industry welcomes the cut in personal and corporate income tax rates. The economic reform agenda continues at a rapid pace, with abolishing of FIPB and move for time-bound listing of CPSEs. The Budget focuses on measures to increase transparency with a broad strategy to put in place the mechanisms and institutions for the future of the country, including through digitalisation and formalisation of the economy," said Dr Naushad Forbes, President, CII. He also congratulated the Finance Minister for maintaining a check on the fiscal deficit despite the overwhelming need to raise public expenditure to boost growth.
