Economic Survey raises hopes for reformist Budget: India Inc

NEW DELHI: The Economic Survey tabled in Parliament on Thursday raised hopes of India Inc for a reformist Budget.

"Given the wide ranging reform measures mooted in the Economic Survey, FICCI expects a strong reformist Union Budget," the chamber President Harsh Pati Singhania said in a statement.

On concerns raised in the survey on a possible shortfall in private consumption demand, it said, there is need to push through fiscal and other measures including easing consumer credit.

Echoing similar views, PHDCCI President Satish Bagrodia said the sharp dip in private consumption growth is a major cause for concern at this stage.

Industry body Assocham said that the survey has rightly stresses the need for divestment of government equity in Navratna companies to contain fiscal deficit.

The Economic Survey while recommending a disinvestment target of Rs 25,000 crore annually, said that the government should sell a minimum 10 per cent stake in all unlisted public sector enterprises and auction those that can't be revived.