Interim budget 'very balanced': industry

Say that FM has supported sectors that needed a push

Terming the interim budget for 2014-15 fiscal as "very balanced", the industry today said that it was 'absolutely' up to the expectations.

"The budget is absolutely up to expectation. I mean (this) budget means it is an vote on account. So we were not expecting creativity. But we are very happy to see that the numbers he (the finance minister P Chidambaram) has delivered on the larger ticket item has been stuck to what he has promised," Ficci President Sidharth Birla told reporters here.

He further said that the common man will not be adversely affected by the announcements made during the budget.

"With regard to the duty relief given in the durables sector, how long will it work for that we will have to see," he said.

Sunil Sanghai, Head of Banking, India, HSBC described the interim budget as very balanced.

"Generally when you have a vote on account just before the election there is a perception that it could be very populist but as you would have seen it is very balanced," Sanghai said.

"Whatever relief we got was in a segment that required it. Manufacturing segment, particularly, in the auto sector actually needed support," he said.

According to JK Paper Managing Director Harsh Pati Singhania, "The good news is that we have seen fiscal deficit and CAD (Current Account Deficit) under check and the projections for the next year are even further down. So therefore it is a positive sign."

"The other area is that agriculture continues to be good and I think in a year when you are looking at elections the Finance Minister has been very balanced and not a sort of announcing largesses and therefore keeping the whole thing in control," he said.