Union Budget growth-oriented, says CII-Orissa

The Orissa State Council of the Confederation of Indian Industry (CII) has termed the Union Budget for 2010-11 as balanced, growth oriented and forward looking.

R K Jena, vice-chairman of CII's Orissa State Council said, “The budget has focused on inclusive growth by substantial commitment to the social sector. There has been an allocation of 46 per cent of plan outlay towards the infrastructure and agriculture sectors.”

The budget has special focus on the rural economy where 70 per cent of the country's population lives and this measure will go a long way in achieving the government's objective of inclusive growth, he added.

“A number of actions in the budget point towards achieving the firm objective of a sustained economic growth with a target of nine per cent growth in GDP by 2011-12 and a double digit growth in next four years. The liberalization of FDI will ensure larger flow of funds to the country, which will enable key sector like health to undergo rapid growth rate”, he stated.

Commenting on the increase in tax slab, Jena said, the effort to increase the tax slab for the salaried class will ensure higher disposable income in the hands of the people, which will have better purchasing power, leading to furthering the growth of economy. Stating that the budgetary measures would help the Indian industries to post better top line and bottom line figures, he said, “Though the excise duty has been partially rolled back from eight to 10 per cent and Minimum Alternate Tax (MAT) has been increased from 15 per cent to 18 per cent, still the Indian Industries should be in a position to absorb the same and maintain a sustained growth in order to achieve the projected GDP.”