GCCI welcomes interim budget

The interim budget presented by Vajubhai Vala, the state finance minister, on Friday was welcomed by the Gujarat Chamber of Commerce and Industry (GCCI).

"The Rs 692 crore budgetary surplus declared by the finance minister is a remarkable. Due to sound fiscal practices, debt swaps and strict steps of fiscal discipline, the state has been able to reduce the amount of revenue deficit. Hopefully, this budget would usher in an era of surpluses in the economy of Gujarat," said Shreyas Pandya, president of the chamber.

"The notable features of the current year's budget include reduction in revenue deficit from Rs 6,731.54 crore to Rs 3,564.80 crore, increase in income from direct and indirect taxes, rise in revenue from Rs 18744.85 crore to Rs 20,145.83 crore. The feel-good factor of the economy is aptly reflected in the rise of GDP by 20 per cent as compared to last year," said Pandya.

The government has been taking adequate steps to provide water for irrigation to agricultural sector of the state, which is inherently buoyant due to good monsoon.