Industry lauds Akhilesh for UP Budget 2015-16

The budget, swelled up by 10.2% to Rs 3,02,687 crore

Industry has lauded Uttar Pradesh Chief Minister Akhilesh Yadav for the Annual Budget 2015-16, tabled in the state Assembly on Tuesday.

The Budget, which swelled by 10.2 per cent to Rs 3,02,687 crore, seeks to spur rural economy, boost infrastructure projects and provide allocation for social sector and populist measures.

Yadav also holds the finance portfolio. Associated Chambers of Commerce and Industry of India (Assocham) termed Uttar Pradesh Budget as balanced, investment-friendly and people-centric budget.

“The Budget proposals should be strictly monitored and implemented for giving the much-needed impetus to inflow of private sector investment, employment generation, infrastructure development and ensuring UP’s robust economic growth,” Assocham National Secretary General D S Rawat has said.

Hailing the decision to observe 2015-16 as farmers' year, he said UP was moving in the right direction and needed to take corrective measures to revive agriculture.

The industry body maintained since UP was chiefly an agrarian economy, it held tremendous potential to attract investment in agri-infrastructure, like wholesale and retail trading, storage, distribution and irrigation sectors.

Despite accounting for largest foodgrains production, largest sugarcane production and being the third largest horticulture producer in India, UP has seen deceleration in agriculture production as it has registered slower rate of 2.6 per cent compared to India’s 4.7 per cent compounded annual growth rate (CAGR) in terms of agriculture and allied activities.

Assocham lauded UP government's commitment towards ensuring small investors' welfare by bringing in a law to curb malpractices under the garb of Ponzi schemes.

Meanwhile, HCBL Bank Chief Executive Officer Pawan Kapoor noted the Budget exhibited Yadav’s progressive thoughts about development and his vision to reach out to every section of the society. “He has also tried to address energy sector by announcing plans to generate 21,000 MW of electricity and assured 16 hours electricity supply to villages and 24 hours to urban areas,” he said.

Kapoor supported the allocation of Rs 1,029 crore as revival package for the ailing state cooperative banks. However, he lamented the government had paid scant attention towards manufacturers, industrialists and businessmen, as no relief had been provided in the Budget.