Budget 2016: A prudent, balanced and growth oriented budget, says Onkar Kanwar, Chairman, Apollo Tyres

Finance Minister Arun Jaitley today presented the Budget in the Lok Sabha. He pointed out nine pillars for the growth of the Indian economy. The Budget focused on addressing the rural distress.

Reacting to the Budget, Onkar S Kanwar, Chairman, Apollo Tyres Ltd said, "I think detailing the nine pillars is important as it gives a vision of the government and the building blocks for the economy. The broad theme for the budget is clearly rural and infrastructure. "

"The allocation for rural segment will certainly push up demand and lead to the growth of the economy. Focus on infrastructure led by roads, electricity and railways is long overdue but here execution will remain the key," he added.

"​My concerns are two-pronged. As per the initial reports, I think that there is not much for the manufacturing segment in the budget given the government’s priority on Skill India and job creation goals. Secondly, I hope the government is able to maintain the fiscal deficit target at 3.5 per cent of GDP, given the large allocation to various sector," Kanwar said.

He added, "​Overall, a prudent, balanced and growth oriented budget."