Hinduja describes Budget as pragmatic, hails welfare schemes

Terming the Budget 2011-12 as "pragmatic", Hinduja Group Chairman S P Hinduja today said that it has set the tone for a more vibrant economy.

"It is a pragmatic Budget, which has finely balanced the need to sustain the growth momentum and keep inflation under check, setting the tone for a more vibrant economy," Hinduja said in a statement here.

The large allocation of funds for infrastructure, social welfare schemes, agriculture production and productivity and healthcare will lead to an all-inclusive growth as it will help alleviate poverty and generate employment, he said.

Welcoming the announcement by Finance Minister Pranab Mukherjee to tackle the issue of black money, Hinduja said, "bringing back the money stashed abroad will give a further boost to the economy".

Reacting to the government's decision to enter into Tax Information Exchange Agreements (TIEA) with a number of tax haven countries and appointing a task force to expedite the process, he said, "it will be advisable for the government to look into new tools employed by countries like the US, Germany, France and Italy rather than resorting to criminal action for bringing additional revenues through regularisation of accounts."