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India Inc lauds Budget 2014-15
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SME Times News Bureau | 11 Jul, 2014
India's industry Thursday commended the first budget of the Narendra
Modi government as pragmatic which would lead to a quick turnaround in
growth.
"Through this budget the Finance Minister has set the
ground for repair of the economy. There has been a mix of both short
term and long term measures geared towards boosting confidence of all
key constituents", the Federation of Indian Chambers of Commerce and
Industry (FICCI) president Sidharth Birla said in a statement here.
FICCI strongly welcomed what it described as the government's "change in disposition" in favour of ending "tax adventurism".
Finance
Minister Arun Jaitley said in his maiden budget speech that the
government will not change any of the tax provisions retrospectively and
create fresh liability.
The government has lowered the
eligibility limit for investments to get the benefit of investment
allowance from Rs.100 crore to Rs.25 crore.
"This will give encouragement to the SME sector that is a key contributor to employment generation", FICCI said.
The
Confederation of Indian Industry (CII) voiced happiness at the budget
proposals to encourage manufacturing through various measures such as
opening defence, insurance, and e-commerce sectors to FDI, correct
inverted duty structures and set up industrial clusters and promote
entrepreneurship.
"The new government has activated a number of
directional changes that would stabilize the economy, boost investments,
and encourage savings with a view to reviving GDP growth to 7-8 percent
in the near term", CII said in a statement.
Energy players welcomed the budget's strong focus on the critical power sector.
"Power
reforms, including Rs.200 crore fund allocation, in addition to
extension of the 10-year tax holiday and encouragement to banks for
giving long-term loans to infrastructure is bound to give a boost to the
ailing sector", said Ratul Puri, chairman, Hindustan Powerprojects.
"Overall,
enhanced focus on gas sector is key positive of gas transportation
players (like GAIL, GSPL etc) and city gas distribution (CGD) entities",
said K Ravichandran, co-head corporate sector ratings, ICRA.
The
government will set up 15,000 km of additional gas transport
infrastructure and further exploit coal bed methane gas reserves, the
Finance Minister said in his budget speech.
Independent analysts
found the absence of a clear policy stand on how the government proposes
to go about achieving the country’s energy security.
Rajrishi
Singhal, senior geo-economics fellow at think tank Gateway House, said
the 2014-15 budget showed the government's lack of clarity in its
foreign direct investment (FDI) policy.
"It seems to be a
continuation of the previous government's approach and, as such, is
unlikely to inspire investor interest in the overseas markets," he said.
Singhal
said the budget should be viewed more as "a vision document" - one that
tries to elucidate a road map for the next five years but leaves out
specific measures on how to accomplish them.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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