Budget builds positive sentiments among Indian industry and overseas investors: CII on budget

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CII,.New Delhi, February 1, 2017

Statement from Mr Chandrajit Banerjee, Director General, Confederation of Indian Industry

Hon’ble Finance Minister is to be commended for a comprehensive and pragmatic Budget that continues on the strong and proactive reform agenda undertaken for the transformation of India. Stressing domestic demand, higher public expenditure, and formalization of the economy, it activates key growth drivers for the economy within a challenging global environment. Overall, the Budget builds positive sentiments among Indian industry and overseas investors that the Government would remain on the path of fiscal prudence while taking all possible measures to boost growth.

Reduced corporate income tax rates for medium and small enterprises bring cheer to the large majority of companies with turnover of less than Rs 50 crores, while stimulating employment and entrepreneurship. The measures for affordable housing, farmers and the rural economy, and infrastructure further open up avenues for investment and new livelihoods. It is heartening to note that education and skill development as well as healthcare and women have been accorded special priority. Indian industry welcomes the positive and reformative Budget that infuses high confidence and further promotes the country’s high growth path.

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