There is something for everyone

COMMENT/ Rana Kapoor, MD & CEO, YES Bank

Someone once said a Budget should not aspire to be a dream Budget – dreams are ephemeral – but should aspire to be a good balancing act. By giving top priority to fiscal consolidation, without compromising on allocations to sectors which will drive growth, the finance minister has done exactly this and more.

The Budget has adopted a gradualist approach towards withdrawal of the stimulus. Recognising market realities, the FM has restored the central excise duties. However, continuing support to export sectors like handicrafts and SMEs through interest subventions and extension of the farm loan repayment period by another six months will allow growth impulses to strengthen.

In his speech, the FM noted that the time is now ripe to effectively channel productive resources to maximise efficiency. This view outlines the building blocks for an “India Vision” towards sustainable and inclusive growth.

The Union Budget for FY11 has successfully managed to address a gamut of growth impediments — from structural supply-chain gaps in agriculture, funding constraints to infrastructure, continuing thrust on rural development, recapitalizing of public sector banks — there is something for everyone.

Nine out of ten from me.