Lacklustre Interim Budget disappoints industry body

Indian industry today criticised the Interim Budget as lacklustre and directionless in terms of financing infrastructure projects, while expressing disappointment at not being offered any tax concessions.

Apex associations of industry, however, welcomed Finance Minister Pranab Mukherjee's growth directions hoping that the new government would carry forward the momentum.

Feeling let down that there was no tax relief for the industry, including removal of surcharge on corporate tax, Assocham President Sajjan Jindal said the directions on infrastructure refinancing, a focus area, were not clearly laid out.

"Assocham was expecting a third and last stimulus package in the Interim Budget, which, however, did not happen as it seems Mukherjee restrained himself from presenting it and rather chose the new government to unveil the package on the lines anticipated by industry," Jindal said.

Expressing similar sentiments, newly elected Ficci President Harsh Pati Sighania said the Interim Budget "gives a clear message on what steps need to be taken in the months following the general elections".