The banking sector and microfinance institutions also hailed the interim budget presented by Union Finance Minister Nirmala Sitharaman in Parliament on Thursday
New Delhi: Several industry captains on Thursday lauded the interim budget, stating that it will support the country’s economic growth and enhance investors’ sentiments.
ITC Ltd Chairman and MD Sanjiv Puri said the budget demonstrates India’s confidence as an economy of substance and immense promises.
“The budget builds on the extraordinary vision of the prime minister to spearhead an era of ‘Amrit Kaal’ and positions India on the global stage as a shining example of socio-economic transformation,” he said.
The sharp focus on the welfare of farmers, setting up aqua parks, support to dairy farmers and other announcements will trigger a virtuous cycle of productivity, income generation and consumption, Puri said.
He also said the proposal to increase public spending is commendable, which together with astute fiscal prudence will lead to better utilisation and targeting of public funds.
The banking sector and microfinance institutions also hailed the interim budget presented by Union Finance Minister Nirmala Sitharaman in Parliament on Thursday.
Bandhan Bank MD & CEO Chandra Shekhar Ghosh said the interim budget focuses extensively on inclusive development and is a step forward towards the aspirations of a $5 trillion economy of the country.
He said the focus on the housing sector will benefit ancillary industries like cement, paints and steel among others, creating huge employment opportunities.
The focus on women empowerment will further boost the economy, he said, adding that the emphasis on infrastructure and rural development will lay a strong foundation for India’s growth.
Kuldip Maity, MD and CEO of VFS Capital, a microfinance institution (MFI), said the budget focuses on ‘Viksit Bharat’ with emphasis on the welfare of the poor, women, youth and farmers.
Arohan Financial Services Ltd Managing Director Manoj Nambiar said, “Continuation of the progressive policies with some additions is the biggest theme in this Vote on Account. From a financial inclusion perspective, I will highlight the extra focus on ‘Lakhpati Didi’ through the Self Help Group programme, which recognises the need to ensure formal credit to the bottom of the pyramid for equitable growth.”
Engineering Exports Promotion Council (EEPC) said that the proposals in the budget are set to further enhance investor sentiments and promote local manufacturing to make the Indian industry competitive globally.
The announcements about green mobility and technology show the government’s commitment towards transforming the economy, the council said.
MSME Development Forum West Bengal president Mamta Binani said the interim budget carries significant implications for the micro, small and medium industries sector.
The emphasis on de-risking credit inflows to the MSME sector such as automotive and electronics through measures like credit guarantees and insurance schemes is commendable.
Senco Gold and Diamonds MD & CEO Suvankar Sen said that the focus is on infrastructure and making the country a global manufacturing powerhouse.
He said the budget proposals will augur well for the jewellery sector as well.
