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Why India Inc hails the Interim Budget

Last updated on: February 17, 2014 18:49 IST

Why India Inc hails the Interim Budget

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Terming the Interim Budget for 2014-15 fiscal as ‘very balanced’, the industry on Monday said that it was 'absolutely' up to the expectations.

"The budget is absolutely up to expectation. I mean (this) budget means it is an vote on account.

“So we were not expecting creativity.

“But we are very happy to see that the numbers he (the finance minister P Chidambaram) has delivered on the larger ticket item has been stuck to what he has promised," Federation of Indian Chambers of Commerce and Industry President Sidharth Birla told reporters.

He further said that the common man will not be adversely affected by the announcements made during the budget.

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Interim Budget 2014-15: Complete Coverage


Image: Finance Minister Palaniappan Chidambaram.
Photographs: Issei Kato/Reuters

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"With regard to the duty relief given in the durables sector, how long will it work for that we will have to see," he said.

Sunil Sanghai, Head of Banking, India, HSBC described the interim budget as very balanced.

"Generally when you have a vote on account just before the election there is a perception that it could be very populist but as you would have seen it is very balanced," Sanghai said.

"Whatever relief we got that was in a segment which was required. Manufacturing segment, particularly, in the auto sector which actually needed support," he said.

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Interim Budget 2014-15: Complete Coverage


Image: Finance Minister P Chidambaram.
Photographs: Courtesy: PIB

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According to JK Paper Managing Director Harsh Pati Singhania, "The good news is that we have seen fiscal deficit and Current Account Deficit under check and the projections for the next year are even further down.

“So therefore it is a positive sign."

"The other area is that agriculture continues to be good and I think in a year when you are looking at elections the Finance Minister has been very balanced and not a sort of announcing largesses and therefore keeping the whole thing in control."

"Despite being low on expectations in an election  year, Finance Minister P Chidambaram’s Interim Budget has given a pleasant surprise at least partly to the manufacturing sector which has been bleeding.

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Interim Budget 2014-15: Complete Coverage


Image: A labourer works outside an aluminium smelting factory in Mumbai.
Photographs: Vivek Prakash/Reuters

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“The excise duty cut on automobiles and capital goods will provide a much-needed relief to these sectors," Assocham President Rana Kapoor said.

Kapoor said the industry would expect a much larger package from the new government to revive the manufacturing sector when a regular budget is presented some time in July.

Assocham Secretary General D S Rawat said announcements related to automotive industry were need of the hour and it would create lakhs of direct and indirect jobs.

He said the Finance Minister has exceeded expectations of the people in general besides the trade and industry.

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Interim Budget 2014-15: Complete Coverage


Photographs: Reuters

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Funding body will promote scientific research: Nasscom

Welcoming government's proposal to form a research funding body, IT-BPM industry body the National Association of Software and Services Companies on Monday said the move will promote scientific research and help India gain leadership position globally in areas like engineering and R&D.

"For technology driven sector like engineering and research and development. funding is always difficult as technology is yet to be recognised as collateral to offset risks.

“Therefore, the proposal to set up a research funding organisation is indeed welcome," it said in a statement.

Finance Minister P Chidambaram, in the interim Budget for 2014-15, on Monday said a research funding body will be set up and contributions made towards the organisation will attract tax benefits.

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Interim Budget 2014-15: Complete Coverage


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"Now, a Research Funding Organisation is to be set up to fund research projects selected through a competitive process," Chidambaram said in Parliament on Monday.

Chidambaram had announced to set up a Rs 2,000-crore (Rs 20-billion) fund in his budget for 2013-14 as well, so as to boost scientific innovations that can improve the life of common man.

"We will work with the government on how best to scope the objective and research areas for funding to build India's leadership in technology," Nasscom said.

The body added that other announcements like continued support to NSDC and other skill building initiatives and steps to ensure MSME's participation in public procurement will have a positive impact on the $108 Indian BPM industry.

"Some of the policy issues related to encouraging and supporting start-ups, entrepreneurship and simplification of procedures will require a full-fledged Finance bill, and we will continue to work with the government on these issues," it added.

Interim Budget 2014-15: Complete Coverage


Photographs: Reuters

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