Industrialists demand growth-oriented Budget

Express hope that the proposals will not be too populist

Industry captains today demanded a growth-oriented Budget and expressed the hope that the proposals would not be too populist.

"What is important is that it should be a growth-oriented Budget. What is badly needed for the country is growth. Anything that encourages growth is welcome," Godrej Group Chairman and President CII, Adi Godrej, who is here to attend the Vibrant Gujarat Summit, said.

Attending the three-day event, Engineering firm L&T's MD and CEO K Venkataraman said: "We are all expecting growth-oriented Budget. We will shortly have discussion with the PM and FM. So, it would be premature to comment."

Videocon Industries Managing Director Rajkumar Dhoot, who is also here to attend the showpiece event of the Gujarat government, said: "I think, the Budget has to be growth- oriented. I also hope it is not going to be too populist in the last year for general elections."

Dhoot, who is also President of Assocham, requested Finance Minister P Chidambaram not to impose additional taxes on the rich.

"Industry is down. In this situation, taxes should not be hiked. It is being reported that the government is planning to impose higher taxes on rich people. I would request the Finance Minister not to do this for one year. Because the money rich people have is for investment," he said.

"Only investment can bring employment. It will ensure higher collection from excise and customs duties for the government. This will be good for the country and economy," he added.

The country recorded 9-year low annual economic growth of 6.5% in 2011-12. The economy has grown by 5.4% in the first half of this fiscal (April-September). The government expects to close the fiscal year under 5.7%.