Statement on Union Budget by Chandrajit Banerjee, Director General, CII

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Gaurika(ChandigarhCityNews)

The Budget announced today had some excellent measures to ease the lives of the common people with emphasis on the farm sector, education, healthcare and social protection. Small and medium enterprises received a boost through tax measures as well as access to credit. Industry appreciates government’s efforts to increase employment and encourage entrepreneurship through various measures. 

In a difficult year, the FM has done well to contain the fiscal deficit at 3.5% of GDP, a deviation of 0.3% from the Budget estimate. The plan to move towards fiscal consolidation in the coming year would maintain macro stability and enhance investor confidence. Many of the measures in the Budget are in line with CII recommendations such as incentives for new jobs, extending fixed term employment, enhancing quality of education including teacher training and addressing healthcare access. Overall, this is a balanced and prudent Budget that sets the foundation for future growth in the economy.

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