Budget 2015 reactions: Clear Vision, Making India story shine

jaitely-budgetThe maiden budget presented India’s Finance Minister Arun Jaitley on February 28 has elicited a largely positive response from leading politicians, industrialists and global investors. Prime Minister Narendra Modi described Budget 2015 as “a Budget with a clear vision.” “It is a Budget that is progressive, positive, practical, pragmatic & prudent,” he said. Mr Jaitely said that it’s time for India to fly. Can India fly? Here are a spectrum of reactions on India’s Budget 2015:

Prime Minister Narendra Modi: “Union Budget 2015 is a Budget with a clear vision. It is a Budget that is progressive, positive, practical, pragmatic & prudent.”

Mallikarjun Kharge, Congress: “It is just a vision document, a Budget in interest of corporates and industrialists.”

Rajnath Singh, Home Minister: “It will play an important role in the formation of modern India and it will help eliminate poverty and unemployment.”

Jay Panda, BJD: “In my home state there will be disappointment, because neighboring areas have got special packages and we too needed it.”

Manohar Parrikar, Defence Minister: “Jaitley ji has done an extremely good job, I give him 9.5 out of 10.”

Nitin Gadkari, Union Minister: “This is the first time in the Indian history that the Finance Minister has given highest priority to infrastructure.”

Mayawati, BSP supremo: “This is not a practical budget, not as per the aspirations of poor and common man of nation.”

Sachin Menon, COO- KPMG India, Mumbai: “The increase in Service tax from 12.36 to 14 percent would be a precursor to introduction of GST, would avoid the feeling of steep increase of taxes on service, on introduction of GST as the proposed rate under GST is 16 % or more. Service industries shall be geared to factor even a higher service tax cost next year.”

Ananth Narayab, Regional Head of Global- South Asia, Mumbai: “Markets were expecting a fiscal deficit target of 3.6 percent to be met in 2015/16, so the 3.9 percent number will be negative for the markets as an initial reaction on Monday.”

Shubhada Rao, Chief Economist, Yes Bank, Mumbai: “We are positive on the market borrowing program, the net borrowing is in alignment with market expectations. The government is looking to raise revenue through additional resources, which could be gold bonds.

Abheek Barua, Chief Economist, HDFC Bank, New Delhi: “I think this (higher fiscal deficit) was on the cards because the government had been making a case for public investment.

I think this is a very sensible policy, given the fact that a lot of things are crimping the fiscal space available to the centre. And I hope and wish the rating agencies and the investor community in general, understand the rationale behind this.”

Radika Rao, Economist, Singapore: “Today’s budget was pragmatic, wide-ranging and inclusive given the emphasis on social safety nets. On the fiscal math, the deficit target has been set at -3.9 percent of GDP, deviating modestly from the roadmap’s target of -3.6 percent.”

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