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India Inc hails Budget 2018, says focus on rural economy will create jobs

Assocham President Sandeep Jajodia said the Budget is on expected lines and provides support to sections of the society, where it was needed the most

Press Trust of India  |  New Delhi 

ICC President Shashwat Goenka, industrialists Anurag Singhi, Arun Laddha, Rudra Chatterjee, Roopen Roy and Rajeev Singh watch a live telecast of Union Budget 2018-19 session in Kolkata on Thursday | PTI Photo
ICC President Shashwat Goenka, industrialists Anurag Singhi, Arun Laddha, Rudra Chatterjee, Roopen Roy and Rajeev Singh watch a live telecast of Union Budget 2018-19 session in Kolkata on Thursday | PTI Photo

today said the 'Bharat' oriented with a thrust on improving the will create jobs, encourage entrepreneurship and sets the tone for future growth.

Sharing views on the 2018-19, corporate honchos cheered measures like the Rs 500,000 cover per family per year to 100 million families for secondary and tertiary care hospitalisation, saying these would help the broader objective of universal healthcare.

"At last a beginning of Universal Healthcare - a long overdue need to enable inclusive economic development. Without health protection the poor will remain poor," Biocon CMD Kiran Mazumdar-Shaw tweeted.

Mahindra Group Chairman Anand Mahindra said in a tweet: "In a populous, agrarian country, a populist, pre-election can be pro-growth! I'm biased, since it ignites growth in our key rural markets. So instead, I'll laud the for health insurance for 10 crore people. That's a REAL step towards becoming a developed society."

CII Director General Chandrajit Banerjee termed it a balanced and prudent that sets the foundation for future growth in the economy.


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

However, CEO of Serum Institute of India, Adar Poonawalla rated the as a highly mixed one.

"One of the main focuses of the government in this was touted to be employment generation. However, none of the announcements are expected to boost the creation of jobs in any significant manner.

"Secondly, I was expecting some relief towards Minimum Alternate Tax (MAT), which was missing in the It would have catered to India's SEZ units, helping the export business to great extent," he said.

President Sandeep Jajodia said the is on expected lines and provides support to sections of the society, where it was needed the most. The finance minister and Prime Minister Narendra Modi know how to put the money where the mouth is, he said.

"The agricultural and rural landscape were in some kind of distress and provision of over Rs 14.34 lakh crore (Rs 14.34 trillion) to be spent on rural infrastructure should also add to the employment generation especially in the farm sector," Jajodia said.


Bharat, or rural India, has been the key focus of the Budget, Dabur India CEO Sunil Duggal said, adding the is on expected lines and is focused on improving the quality of life in rural India.

PHD Chamber of Commerce President Anil Khaitan said the government has provided a for all. The focus on agriculture, rural economy, health, infrastructure and MSMEs is highly appreciable.

Ashok Hinduja, Chairman, Hinduja Group of Companies said: "The focus on development of agriculture, healthcare, education, employment generation and infrastructure with an innovative approach should comfortably place the economy in the growth trajectory of 8-10 per cent per annum and double its GDP by 2025."

President Rashesh Shah is of the view the will drive consumption in a big way, thus helping growth in other related sectors.

He said the impetus to the and the overall agriculture sector in the would be a force multiplier for overall growth in the coming years.

First Published: Thu, February 01 2018. 18:11 IST
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