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| Economic Survey raises hopes for reformist Budget: India Inc |
| Press Trust of India / New Delhi Jul 02, 2009, 16:34 IST |
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The Economic Survey tabled in Parliament today raised hopes of India Inc for a reformist Budget.
"Given the wide ranging reform measures mooted in the Economic Survey, FICCI expects a strong reformist Union Budget," the chamber President Harsh Pati Singhania said in a statement.
On concerns raised in the survey on a possible shortfall in private consumption demand, it said, there is need to push through fiscal and other measures including easing consumer credit.
Echoing similar views, PHDCCI President Satish Bagrodia said the sharp dip in private consumption growth is a major cause for concern at this stage.
Industry body Assocham said that the survey has rightly stresses the need for divestment of government equity in Navratna companies to contain fiscal deficit.
The Economic Survey while recommending a disinvestment target of Rs 25,000 crore annually, said that the government should sell a minimum 10 per cent stake in all unlisted public sector enterprises and auction those that can't be revived.
Assocham President Sajjan Jindal has welcomed the government's commitment for Goods and Service Tax by April 2010.
The survey has rightly stressed need for revisiting agenda for pending reforms with a view to renew the growth momentum, it said, adding that there is an urgent need to remove hurdles to investment in infrastructure by government and the private sector.
On the growth of Indian economy in the current fiscal, Ficci said the Survey has offered a confident outlook for the Indian economy in 2009-10 that it should grow by average 7 per cent to 7.5 per cent.
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