Union Budget 2011: Shekhar Bajaj, Harsh Goenka welcome budget

MUMBAI: Terming the budget as "common man-friendly", India Inc today welcomed the Government's decision to keep the excise rate unchanged in major sectors.

"Finance Minister Pranab Mukherjee has delivered a budget which is common man-friendly and focused on inclusion, and does not have any negative surprises. It is a pragmatic budget under the challenging circumstances and has a basket of goodies for the individual in the form of tax benefits, rural housing and agri-reforms," RPG Enterprises Chairman, Harsh Goenka, said.

Another leading light of India Inc, Shekhar Bajaj of Bajaj Electricals, also welcomed the Government's decision to keep the excise duty unchanged.

"The decision of keeping the excise duty unchanged is a positive sign for the industry as a whole," Bajaj, who is Chairman and Managing Director of Bajaj Electricals, said.

"We (Bajaj Electricals) basically cater to the rural population. The decision to increase the remuneration of around 22-lakh anganwadi workers to Rs 3,000 per month from Rs 1,500 is welcome as they will now have the ability to buy consumer durables which otherwise they could not afford. This will lead to an increase in demand for consumer durables," he said.

The reduction in corporate surcharge is also good news, Goenka said.

"The Finance Minister has given some good news for the corporate sector by reducing corporate surcharge and by not making any adverse moves against corporates. The broad reform agenda has also got focus--it is a well-crafted, well balanced effort," Goenka said.