India Inc today said the "Bharat" oriented Budget with a thrust on improving the rural economy will fuel consumption demand, alleviate farmers' distress, create jobs and set the tone for future growth.
Sharing their views on the Budget 2018-19 unveiled by Finance Minister Arun Jaitley in Parliament, corporate honchos cheered measures like the Rs 5 lakh cover per family per year to 10 crore families for secondary and tertiary care hospitalisation, saying these would help the broader objective of universal healthcare.
Vedanta Group Chairman Anil Agarwal said the government has created a perfect launchpad to usher in India's next phase of growth with the Budget.
"With a mammoth outlay of Rs 14.34 lakh crore, the finance minister has presented a clear roadmap to integrate rural India to the mainstream economy, thereby focusing on the rural infrastructure and livelihood," Agarwal said.
"This is a forward looking, growth-oriented budget with a focus on the rural economy, healthcare for the poor, investments in infrastructure, digital skilling, education and jobs creation," Tata Sons Chairman N Chandrasekaran said.
Biocon CMD Kiran Mazumdar-Shaw said the focus on urban and rural infrastructure would augur well for the future of the Indian economy.
Infosys co-founder and Chairman Nandan Nilekani tweeted that the budget has recognised the major weaknesses and shortcomings in our approach to education and made unprecedented commitments.
"In a populous, agrarian country, a populist, pre- election budget can be pro-growth! I'm biased, since it ignites growth in our key rural markets. So instead, I'll laud the budget for health insurance for 10 crore people. That's a REAL step towards becoming a developed society," Mahindra Group Chairman Anand Mahindra said in a tweet.
"The budget is clearly focused on reinventing a New India, with specific measures announced for strengthening the rural and agricultural economy in addition to infrastructure development," Suzlon Group Founder and CMD Tulsi Tanti said.
"The Budget lays significant emphasis on empowering farmers and boosting the rural economy, and rightfully so. This budget aspires to narrow the gap between rural and urban India," Hero MotoCorp CMD Pawan Munjal said.
"The Budget demonstrates government's intent to boost investments in rural development, education, healthcare and social sectors and will lead to continued and inclusive economic growth," TVS Motor Company Jt MD Sudarshan Venu said.
ITC CEO Sanjiv Puri said the thrust on rural development will fuel consumption demand, enable an uptake in private investment, creating a virtuous circle of demand-consumption- investment led GDP growth.
CII Director General Chandrajit Banerjee termed it a balanced and prudent Budget that sets the foundation for future growth in the economy.
"In a difficult year, the FM has done well to contain the fiscal deficit at 3.5 per cent of GDP, a deviation of 0.3 per cent from the Budget estimate. The plan to move towards fiscal consolidation in the coming year would maintain macro stability and enhance investor confidence," Banerjee said.
However, CEO of Serum Institute of India Adar Poonawalla rated the budget as a highly mixed one.
"One of the main focuses of the government in this Budget was touted to be employment generation. However, none of the announcements are expected to boost the creation of jobs in any significant manner.
"Secondly, I was expecting some relief towards Minimum Alternate Tax (MAT), which was missing in the Budget. It would've catered to India's SEZ units, helping the export business to great extent," he said.
"While reduction in the corporate tax rate for companies with turnover less than Rs 250 crore is a step in the right direction, it would need to be followed up with further rationalisation in the form of broad based reduction of MAT and corporate tax rate," Wipro CFO Jatin Dalal said.
"The wide ranging measures announced for various segments of the rural economy will boost income levels and create gainful and sustainable employment. This in turn will help to increase consumption levels in the economy," ICICI Bank MD and CEO Chanda Kochhar said.
"The budget is on expected lines and provides support to sections of the society, where it was needed the most. The FM and the Prime Minister Narendra Modi know how to put the money where the mouth is.
"The agri and rural landscape were in some kind of distress and provision of over Rs 14.34 lakh crore to be spent on rural infrastructure should also add to the employment generation especially in the farm sector," Assocham President Sandeep Jajodia said.
Bharat, or Rural India, has been the key focus of the Budget, Dabur India CEO Sunil Duggal said, adding that the Budget is on expected lines and is focused on improving the quality of life in Rural India.
"The admirable 'All-in' Budget has delivered beyond expectations in a bid to reinvigorate growth that is sustainable and equitable, leveraging fully on the available fiscal space," Yes Bank MD & CEO Rana Kapoor said.
"The FM has presented a budget which is both balanced and positive. Focus on rural infrastructure, agricultural output and farmer income will help reduce the agrarian distress and boost the rural economy. Emphasis on health, education and employment generation would promote inclusive growth," Tata Steel CEO and MD T V Narendran said.
Vice chairperson of Apollo Hospitals Preetha Reddy said the rollout of a national healthcare policy covering 50 crore citizens is nothing short of path breaking, and if implemented correctly, it can transform India's health map.
Tata Group firm IHCL MD and CEO Puneet Chhatwal said the announcement to convert 10 identified prominent tourist destinations into iconic and model destinations in 2018 will be a big boost to the hospitality and tourism sector.
MakeMyTrip Founder and CEO Deep Kalra termed the Budget as a historic one and full of opportunities.
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