High-octane budget fulfills people's aspirations: MCCI

Chennai: Union finance minister Piyush Goyal has delivered a high-octane budget (although interim) that fulfills the aspirations of the common men and women who have silently supported the building of the Indian economy over years, according to Ramkumar  Ramamoorthy, president, Madras Chamber of Commerce and Industry (MCCI).

“This budget is both a back-to-basics budget that drives 'higher inclusion' while building long-term, sustainable  growth of the economy,” says Ramkumar Ramamoorthy.

He claimed that the finance minister has delivered a high-octane budget (although interim) that fulfills the aspirations of the common men and women who have silently supported the building of the Indian economy over years.

''This budget is both a back-to-basics budget that drives “higher inclusion” while building long-term, sustainable growth of the  economy. With this budget, the theme of “inclusion” got a substantial fillip by mainstreaming the unorganised, uninsured, unsecured and unconnected. Be it providing an assured minimum income support to small farmers, creating a contributory pension scheme to the non-formal sector, connecting the North East through rail and air, or raising the level of MSME and women participation in government contracts, the theme of  inclusion is plastered all over the budget,'' he said.

What is heartening to see from the budget is the realisation of the need for bold reforms and not incremental tweaks to take India forward.

For years, governments has just been tweaking the personal income tax exemption slabs. It required some grit and pluck to change that mindset and it is good to see this budget finally nail it, he said.

Despite pursuing many bold steps, the budget also bakes in fiscal prudence to reach the medium-term target of 3  percent fiscal deficit, as well as the ambition of getting to a 10-trillion dollar economy, Mr. Ramamoorthy added.