P. Chidambaram's Budget 2014 gets India Inc thumbs up

Feb 17 2014, 17:16 IST
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Terming the interim budget for 2014-15 fiscal as 'very balanced', the industry said that it was 'absolutely' up to the expectations. Terming the interim budget for 2014-15 fiscal as 'very balanced', the industry said that it was 'absolutely' up to the expectations.
SummaryP. Chidambaram's Budget 2014 was 'absolutely' up to expectations: Industry

Terming FM P. Chidambaram's interim budget for 2014-15 fiscal as "very balanced", India Inc today 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," Ficci President Sidharth Birla told reporters here.

Interim Budget 2014-15: Read full speech of P. Chidambaram

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

"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.

According to JK Paper Managing Director Harsh Pati Singhania, "The good news is that we have seen fiscal deficit and CAD (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. 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

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