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A pragmatic, growth-oriented approach: Baba N Kalyani

Business Standard 

Baba N Kalyani

We had moderate expectations from this and I am happy that these have largely been met. From a macroeconomic perspective, the emphasises the need for fiscal prudence, which clearly is the need of the hour. What is particularly noteworthy is the emphasis on the manufacturing and infrastructure sectors as the key levers to revive economic growth. This is perhaps one of the few times that the manufacturing sector has received special attention.

The government's commitment for early introduction of and a new are positive signals. The proposed overhaul of the subsidy regime to make food and fuel subsidies better targeted is also encouraging. From a policy perspective, the decision to raise in the defence sector from 26 per cent to 49 per cent through the route with management control in Indian hands will provide a boost to domestic manufacturing industry. The Finance Minister's statement of wanting to reduce reliance on imports coupled with his intent to streamline defence procurement systems is very positive. We are confident the Indian manufacturing industry would now be able to play a more effective role in indigenisation.

Baba N Kalyani Chairman & MD, Bharat Forge

First Published: Fri, July 11 2014. 00:14 IST