Mr. Pradeep Bhargava, President, MCCIA
The budget comes out as a very impressive balance sheet and it will have a long-term impact. It has a very strong social agenda and has focussed on infrastructure development be it highways, railways, waterways, airways which is very important.
Industry and Industry Associations should look at the budget from a broader and a long term perspective. Benefits percolating to certain sections of the community like rural farmers and urban poor are the responsibility of the state and also the stakeholders like the industry. The contrast if not controlled will boomerang on the industry itself and it is important for the industries sustainability as well.
The money flowing to the deprived section of society comes back into the economy by increasing their buying power. They will start consuming products and services that the industry provides, which will ultimately benefit the industry. Needless to say that the farmer will use the subsidy for consumption purpose which will indirectly boost the economy and improve rural buying.
On the issue of growth of jobs, There can’t be GDP growth without the labor content growing. GDP growth indicates jobs in different segments being created. Hence we need to wait for the right arithmetic before we debate about growth in jobs
Mr. Prashant Girbane, Director General, MCCIA
This looks like a fairly balanced budget for two reasons. Firstly it addressed many constituencies especially farmers and individual taxpayers and at the same time managed to Keep the fiscal deficit to a more acceptable level of 3.4%.
This budget highlighted the policy of Direct Cash Transfers (DCT) to farmers. Part of Rs.6000 per year reaching out to 12 crore farmers is expected to be disbursed in next few weeks. It is significant not just for this budget but for the years to come. I hope in future, almost all subsidies are though DCT to the farmers account.
While some of these announcements related to MSMEs are new others have been reiteration.
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