Vote on Account 2014: Interim Budget is "balanced", says industry

NEW DELHI: Terming the interim Budget as "balanced", the industry today said government's emphasis on the manufacturing sector, particularly the automobile segment, will help create jobs and revive the sagging economy.

Finance Minister P Chidmabaram has not crossed the red line on fiscal deficit and has kept it at 4.6 per cent of GDP in 2013-14, industry leaders said. Overall, announcements are on expected lines, they added.

"The statement was balanced. While industry expectations were limited from an interim budget formality, the emphasis laid on turning around the growth trajectory and reviving the manufacturing sector in particular is well received," Ficci President Sidharth Birla said.

He said the fiscal deficit numbers are closely watched by all investors.

CII President Kris Gopalakrishnan said: "The reduction in excise duty on sectors such as automobiles, capital goods and consumer electronics is indeed welcome as this will help revive demand in these sectors."

Tata Steel India Managing Director T V Narendran said the move to provide relief to the struggling manufacturing sector augurs well.

Ficci said Chidambaram's vision statement points are "aspirational" and need coordinated approach of both the Centre and states.

CII said implementation of GST should be a priority for the next government.

"In the 10-point vision laid out by the Minister, besides mentioning reduction in the twin deficits, emphasis was also given to a balanced monetary policy, implementation of infrastructure projects and development of cities," Gopalakrishnan said.