Captains of trade and industry on Thursday expressed pleasure over the Union Budget proposals which lays emphasis on agriculture and infrastructure development in the country. In his initial reactions, Vijay G Kalantri, president All India Association of Industries (AIAI), said the Union Budget presented by the finance minister Yashwant Sinha lays emphasis on promotion and strengthening of farming sectors and importantly infrastructure such as road, power, airport and national highway.
However he felt these announcements are good but better implementation and monitoring can only give better results by bringing in transparency which is lacking.
The opening up of investment by foreign direct (FD)`s and FII`s and foreign banks institution to invest in India will bring in competition but at the same time the Indian banks should be given more freedom for their development and strengthening themselves to meet the competition. Budget also paves way for partial convertibility of rupee and also reduction in petro products will help in the infrastructure growth.
However the small scale sectors have been left high and dry as there has been no increase in excise exemption nor turnover limit have been hiked, he said.
Bureau Report