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Interim Budget gives more than expectations, says FICCI's Sandip Somany

It is heartening to note that greater allocation has been made for a number of socially and economically relevant areas

Sandip Somany 

Finance Minister Piyush Goyal with MoS Finance minister Shiv Pratap Shukla  arrives in the Parliament to present the interim Budget 2019-20

The government has been able to deliver more than what was expected through this Budget. While maintaining its focus on the key priority sectors and programmes introduced over the past four years, some new schemes have also been announced keeping the interest of economically weaker sections in mind.

It is heartening to note that greater allocation has been made for a number of socially and economically relevant areas, while keeping fiscal consolidation on track. This will go a long way in improving investor confidence.

Agrarian crisis has been a major concern for the economy. The government has attempted to address this through introduction of annual Direct Income Support (DIS) of Rs 6,000 for small and marginal farmers. Through this measure the government will able to cover all the small and marginal farmers as compared to the MSP scheme which benefits just about 30 per cent of such farmers.

Interim Budget 2019

Sandip Somany President, Ficci

The government’s decision to offer 2 per cent interest subvention and 3 per cent additional subvention for timely payment of loans to farmers and to animal husbandry and fisheries sectors will further help in improving their overall financial condition.

This will increase their buying power and the overall rural demand. This will have a positive impact on industries such as consumer goods, agriculture machinery, tractors, and two-wheelers.

Measures announced for unorganised labourers and reduction of tax burden on the middle class by raising the taxable income limit will also help the economy in a similar fashion.

First Published: Fri, February 01 2019. 21:29 IST