Piruz Khambatta, CII Western India Chairman statement on Budget

FEB 2 , 2019 : The interim budget has been presented with a positive outlook. The Budget announcements have largely taken care of the agriculture sector, middle income class and unorganized sector. The additional income for this population will lead to enhanced spending and higher economic growth. Fiscal deficit of 3.3% forecasted for 2018-19 has been revised upwards by 10 basis points. However, I think this is well managed given the incentives provided to the rural sector. On the agri front, direct income transfers to farmers having holdings of less than 2 hectares is a welcome move and help reduce risk to farmers. Social security contribution for workers in the unorganized sector is game changing. Last but not the least, full rebate for individuals earning income upto Rs.5 lakhs will boost purchasing power significantly. Overall, this budget is all encompassing and has something for every class of the society.