Budget crafted to ensure domestic growth, focus on Infra, Agriculture: Jaitley
Addressing the Post-Budget FICCI’s National Executive Committee Meeting Finance Minister Arun Jaitely said the budget is prepared with the objective to boost domestic economy by focusing on key parameters of growth like Agrarian economy, infrastructure sector and health sector.
Also the Finance Secretary Dr. Hasmukh Adhia in support of the Budget mentioned that the key stone behind the Union Budget was to place more money into the Rural sector so as to increase consumer demand, and support industry to utilize capacities in a better way and attract new investment opportunities.
Dr Adhia further mentioned that the Budget attempt to give a big boost to MSMEs that are linked with large enterprises but lack behind due to some constraints like delayed payments from OEM buyers in order to improve the situation of MSMEs they need timely credit.
“The effort of the government in capitalizing banks to the tune of Rs 5 lakh crore should come as a measure of relief to MSMEs as they would be able to tap the banks for their credit needs", Adhia said.
Rajiv Kumar, Secretary, Department of Financial Services informed that the initiative taken by government to recapitalize Banks results in accumulation of Rs. 7.7 lakh crore of stressed assets with banks.
The government is aiming towards technology driven financial inclusion in the pursuit of making financial services accessible at affordable costs, Kumar added.
Also Rashesh Shah, President, FICCI, praised the Finance Minister for presenting an “outstanding and balanced” budget, referring particularly to the emphasis on the rural economy, infrastructure, financial sector reforms, expansion of the tax base, MSMEs and provision of investment and employment-based incentives.(KNN/YV)