Budget 2013 represents 360-degree intervention for stimulating growth in all sectors: YC Deveshwar, ITC

KOLKATA: ITC Ltd chairman YC Deveshwar feels the 2013 union budget will go a long way in bolstering confidence in the Indian economy. Applauding the finance minister in managing difficult economic circumstances, Deveshwar said the proposals represent a 360-degree intervention for stimulating growth in all sectors of the economy while fostering social equity and inclusion.

"Of particular note are the measures announced towards promoting financial inclusion and deepening savings through access to insurance in smaller towns and inflation indexed savings instruments," he said. The ITC chairman, which has a significant presence in the rural economy as well, said the move to enhance allocation for rural development, including integrated watershed programmes, crop diversification programmes, nutri-farms and creation of a national livestock mission will go a long way in creating rural sustainable livelihoods.

"The measures to promote and attract industrial investment through an investment allowance scheme valid for the next two years will spur prompt action to stimulate capital formation in the economy. The move to mobilise funds in the infrastructure sector will also provide a strong driver to support growth," he said.

Deveshwar said the special focus to promote and incentivise skill development amongst youth is forward looking and will be critical in fuelling sustainable and inclusive growth.