Hyderabad: Chandrajit Banerjee, Director-General, CII, said, “The Union Budget for 2019-20 presented by Union minister Piyush Goyal has 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 unorganized sector workers, it aims to stabilise incomes and reduce risks for vulnerable people. The Finance Minister is to be complimented for staying the course on fiscal deficit. The Budget demonstrates that good politics can translate into good economics.
“The Union Government has taken substantial steps for agriculture and the rural economy over the years and the Budget takes a notable initiative to provide direct income transfer for farmers. The transfer to farmers sets the tone to expand into a basic income scheme for all poor citizens in the future, which is in line with industry suggestions. A key step in the Budget is to expand social security for workers in both the formal and informal sectors which will encourage initiatives for labour reforms. The tax relief for middle class consumers will be a huge boost to overall confidence in the economy.
“The Government has outlined an ambitious and aspirational vision for the country in 2030 based on key growth drivers such as infrastructure, social sectors, technology and sustainability. These are aligned to the elements outlined under CII’s India@75 program which envisions an India of economic growth, technological progress and moral strength.
Sharing his views on the Union Budget announcement, Sanjay Singh, Chairman, CII Telangana, said being an election year, the Budget was on expected lines. It is a People’s Budget. The Budget will go a long way in providing relief to distressed farmers and middle income group people. Simplified procedures will help improve tax collections. Defence Budget hike will help in making the country stronger. With the Vision 2030, the Budget is a positive step towards the growth and development of the country”.