Budget 2019: Farmers, Middle Class-Friendly Budget To Boost Growth, Says India Inc.
The interim Budget unveiled by Finance Minister Piyush Goyal on Friday will stimulate demand and boost economic growth, with a slew of sops for the middle class, farmers and workers in unorganised sector leading to more disposable income in their hands, India Inc. said.
Industry leaders including Gautam Adani, Anand Mahindra, ITC Ltd. Managing Director Sanjiv Puri and Walmart India CEO Krish Iyer felt issues relating to farmers, unorganised sector workers and middle class were addressed in the budget without “risking bankruptcy of the economy”.
"India's middle class, small traders and farmers are the lifelines of its economic growth. By catering to these ambitions #Budget2019 infuses hopes for millions of dreams," Adani Group Chairman and Founder Gautam Adani tweeted.
Expressing similar views, Mahindra Group Chairman Anand Mahindra said in a tweet, "I was bracing for a populist, profligate budget driven by election panic. I'm just grateful that the reliefs to the key middle class & farmer segments were delivered in a measured way without risking bankruptcy of the economy. This was a controlled, pump-priming exercise."
Confederation of Indian Industry’s Director General Chandrajit Banerjee said the Budget for 2019-20 touched the right notes for stimulating demand and growth in the economy.
"By strongly addressing the major consuming sections of society such as farmers, the middle class and unorganised sector workers, it aims to stabilise incomes and reduce risks for vulnerable people," he said.
Walmart India President and CEO Krish Iyer also said the budget rightly focused on the middle class, rural sector and on enhancing farmers' income.
Echoing similar sentiments, ITC's Puri said, "the interim budget proposals should augur well for the Indian economy by providing a growth impetus through a boost in consumption as well as an inclusive framework designed to benefit agri and rural communities, unorganised sector workers as well the middle class."
Dabur India CEO Sunil Duggal said the Budget 2019 can be summed up as "a series of sops" for the middle class, farmers and millions of employees in the unorganised sector. Cargill India President Simon George said there was quite a strong rural economy and agri push in the Interim Budget.
"We are particularly optimistic about the central government sponsored Prime Minister Kisan Yojna, the direct benefit transfers to small holder farmers. Though a lot more can be done but nevertheless a good move that will help farmers align better with market," he added.
Terming the budget as a forward-looking one, Sunil D'Souza, managing director, Whirlpool India said it is expected to increase liquidity in the hands of the consumer. "Along with the recent reduction in GST on appliances, this anticipated increase in consumer spending can be a catalyst for higher demand in our sector," he added.
Bombardier Transportation India Managing Director Sudhir Rao stated that the budget highlights the outlaying of investment opportunities, improvement of operating ratio and introduction of new semi-high-speed trains elicits the vision to transform the rail experience for Indian commuters.