Growth and inclusiveness, Budget provides right balance: CII
29 Feb 2008, 2025 Hrs

Add comment          Mail          Print          Write to Editor

New Delhi, Feb 29 (ANI): Finance Minister P Chidambaran has presented a comprehensive, balanced and growth-oriented budget, said Sunil Mittal, President of Confederation of Indian Industries.

The Finance Minister has managed to address the triple challenge of growth inclusiveness and sustainability very astutely, Mittal said. The budget proposals would go along way in building people and building India, he added.

The beneficiaries of the budget vary from farmers to industry to the average salary earner. And all this without making the budget fiscally irresponsible, said the CII release.

However, CII hoped that the expected proposals of the Sixth Pay Commission have been kept in mind while balancing the budget, since any provision for that did not seem apparent from the Finance Minister's speech.

The cornerstone of the budget has to be the obvious fillip that it would provide to consumption in the country and thereby pump up a demand led growth cycle.

This would supplement the neutral stance that the RBI has just indicated in the last Monetary Policy Review, said the CII release. This is very important if the economy has to maintain its current growth trajectory and move to a double digit one, Mittal said.

Stepping up budgetary allocation by 20 per cent and focus on improved access to healthcare along with setting up of SC/ST/minorities Development Finance Corporation are measures that would help build people of India, Mittal said.

The announcement of the setting up a non profit organisation for skills and a start up contribution of 1000 Cr from the government will go a long way in developing the skill sets in the country.

In addition, CII strongly welcomes announcement by the Finance Minister for setting aside another Rs 750 crores for upgrading another 300 ITIs.

Welcoming the industry stimulus package, Mittal said that the reduction of Cenvat rate from 16 per cent to 14 per cent was suggested by CII, and was therefore delighted that the Finance Minister has heard the plea. (ANI)

Related Latest

Oprah on her show's end: 25yrs feels right in my bones and my spirit ISI provides CIA with evidence of Indian hand in Balochistan, Waziristan unrest Honeywell bets on India for growth opportunities Rs.332-cr budget to check swine flu: Azad EU budget for 2010 to increase by six percent Kabir Suman has right to air his view: Mamata Banerjee Thackeray has every right to criticize Sachin :Shiv Sena One-third of CIA budget goes to ISI Country's economy will return to higher growth track: Patil Leatherback turtles are right flippered when it comes to laying eggs

Related Latest

As far as Kashmir issue is concerned, India will not redraw borders: Singh Pakistan has not done enough on the Mumbai terror attacks: Manmohan Singh No apprehension about US viewing India differently: Manmohan Singh Winters leave Ladakh out of bound, make stocking of food material a must Eco-friendly vehicles rally held in Delhi People worship Highway Goddess for safe journey in Chennai Lucknow Zoo authorities treating tiger for cancer Hussey ready to cop criticism, but will let bat do the talking PAC supports idea of making Pak Army's financial records public Pak heading towards 'demographic disaster', warn experts

• Pakistan has not done enough on the Mumbai terror attacks: Manmohan Singh
• As far as Kashmir issue is concerned, India will not redraw borders: Singh
• No apprehension about US viewing India differently: Manmohan Singh
• Winters leave Ladakh out of bound, make stocking of food material a must
• Eco-friendly vehicles rally held in Delhi

• भारतीय क्रिकेट की मजबूत दीवार
• कंगारूओं के आगे ढेर, चीतों से कैसे मुकाबला करेंगें शेर
• Reducing greenhouse gases may not be enough to slow global warming
• बीकानेर महापौर चुनावः एक विश्लेषण
• Deepawali: The Festival Of Lights