Industry captains dwell on Jaitley's Union Budget 2018

Kolkata: Leading industrialists on Thursday poured in their feedback on the Union Budget, presented by Finance minister Arun Jaitley.

Reflecting upon the Budget, Sanjiv Goenka, chairman, RP-Sanjiv Goenka Group, said "Finance minister Arun Jaitley has given us this morning a landmark document. It is a complete Budget, trying to reflect the values and aspirations of the people of India. The Finance minister has tried to keep in mind the needs of all stakeholders in our society. His Budget is also a reflection of the NDA government's resolve to be inclusive. Jaitley's thrust is on furthering the ease of living, a sharp focus on the health sector, agriculture, food processing and providing electricity connections to everyone. The accent on fabric and resolve to create a social security system are brilliant."

Meanwhile, Chandrajit Banerjee, director general, CII, felt "The Budget announced today had some excellent measures to ease the lives of the common people with emphasis on the farming sector, education, healthcare and social protection. Small and medium enterprises received a boost through tax measures as well as access to credit. The industry appreciates the government's efforts to increase employment and encourage entrepreneurship through various measures."

In a difficult year, the Finance minister has done well to contain the fiscal deficit at 3.5 percent of GDP, a deviation of 0.3 percent from the Budget estimate. The plan to move towards fiscal consolidation in the coming year would maintain macro stability and enhance investor confidence.

Sanjay Budhia, managing director, Patton group, said "This is a Budget of connectivity. Connectivity between Rural India and Urban India, connectivity between Bharat and India, connectivity between Social Infrastructure and Physical Infrastructure. The Budget has given much needed emphasis on the basic fundamentals of social fabric- health, hygiene, housing, education and electricity, on which any strong sustainable long term growth will be ensured. It gives equal importance to health and hygiene as it gives to highways."

TheFinance minister has rightly reiterated that 'Bharat Krishi Pradhan Desh Hai', which reaffirms and echoes the evergreen truth 'Mera Bharat Gaon Mai Basta Hai'. Protection to farmers by assuring higher MSP will give the much needed boost to the agriculture and agro sector. Announcement of EPF @ 12 percent of wages to new employees for 3 years by the government is a positive step towards employment creation. Reduction in Corporate Tax from 30 percent to 25 percent for companies up to turnover of Rs 250 crore, which will cover 97 percent of the corporate sector, is a very welcome move to reduce tax burdens on SMEs.

Vinod Gupta, managing director, Dollar Industries, felt "This Budget was a special event, being the last full Budget of the government and the first Budget post GST implementation. The Budget continued on the path of consolidation with focus being on rural, agriculture and infrastructure spending."