Kolkata Industry Leaders Hail Interim Budget for Spurring Economic Growth

Kolkata, February 1: Several prominent industry leaders in India have expressed their appreciation for the recently presented interim budget, highlighting its potential to bolster economic growth and enhance investor sentiment. The budget, unveiled by Union Finance Minister Nirmala Sitharaman in Parliament, has been met with positive responses from various sectors.

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ITC Chairman Praises Budget's Vision and Focus on Farmers

ITC Ltd Chairman and Managing Director Sanjiv Puri commended the budget for demonstrating India's confidence as an economy of substance and immense promise. He emphasized that the budget aligns with the Prime Minister's vision of spearheading an era of "Amrit Kaal" and positions India as a shining example of socio-economic transformation on the global stage. Puri particularly lauded the sharp focus on the welfare of farmers, including initiatives such as setting up aqua parks and supporting dairy farmers, which he believes will trigger a virtuous cycle of productivity, income generation, and consumption.

Banking Sector and Microfinance Institutions Applaud Inclusive Development Focus

The banking sector and microfinance institutions have also welcomed the interim budget, recognizing its emphasis on inclusive development and its alignment with the country's aspirations of becoming a USD 5 trillion economy. Bandhan Bank Managing Director and CEO Chandra Shekhar Ghosh highlighted the budget's focus on the housing sector, which he believes will benefit ancillary industries such as cement, paints, and steel, thereby creating significant employment opportunities. Ghosh also commended the emphasis on women empowerment and infrastructure development, which he believes will further boost the economy.

Microfinance Institution Emphasizes Welfare of Vulnerable Groups

Kuldip Maity, Managing Director and CEO of VFS Capital, a microfinance institution, praised the budget's focus on the welfare of the poor, women, youth, and farmers, aligning with the vision of "Viksit Bharat." Arohan Financial Services Ltd Managing Director Manoj Nambiar highlighted the continuation of progressive policies and the additional focus on financial inclusion, particularly through the Self Help Group program, which aims to ensure formal credit reaches the bottom of the pyramid for equitable growth.

Engineering Exports Promotion Council Sees Enhanced Investor Confidence

The Engineering Exports Promotion Council (EEPC) expressed optimism that the proposals in the budget will further enhance investor sentiments and promote local manufacturing, making the Indian industry more competitive globally. The council commended the announcements related to green mobility and technology, recognizing the government's commitment to transforming the economy.

MSME Sector Appreciates De-Risking Measures

Mamta Binani, President of the MSME Development Forum West Bengal, acknowledged the significant implications of the interim budget for the micro, small, and medium industries sector. She commended the emphasis on de-risking credit inflows to the MSME sector, particularly in industries such as automotive and electronics, through measures like credit guarantees and insurance schemes.

Jewellery Sector Sees Positive Impact

Suvankar Sen, Managing Director and CEO of Senco Gold and Diamonds, expressed his appreciation for the budget's focus on infrastructure development and its aim to make India a global manufacturing powerhouse. He believes that the budget proposals will also benefit the jewellery sector.

Conclusion

The interim budget presented by the Union Finance Minister has received positive feedback from various industry leaders in India. The budget's focus on inclusive development, welfare of vulnerable groups, infrastructure development, and support for key sectors has been widely appreciated. Industry experts believe that the budget will contribute to economic growth, enhance investor confidence, and lay a strong foundation for India's continued progress.