Budget will further fuel India's growth: Chidambaram

New Delhi, Feb 29 : Union Finance Minister P Chidambaram today said that there is an investment boom in the economy and that the budget aimed at further fuelling the country's growth story.

Chidambaram told reporters here that the Finance Ministry has tried to live up to the expectations of the 'target' sectors like health, education, deprived, social security, women, children and farmers.

He also said that these measures are likely to spark off a new investment boom in the country.

"India is now among the most attractive investment destinations in the world. FDI, FII flows are very large. Remittances by overseas Indians are very large, tourist arrivals have increased, the service sector earnings are growing at a very rapid rate and therefore the Indian economy is witnessing an investment boom and all analysis shows that there is no decline in investment boom," said Chidambaram.

The budget, being termed as a 'populist' and 'vote-bank' oriented budget was welcomed by industry.

"The thrust of the budget is actually growth-oriented, in the sense that you have a very positive growth momentum in the economy and I think given the fundamental growth momentum in the economy, based on performance of various sectors in the growth, momentum is definitely being sustained by the policy initiatives and the proposals in the budget," said Vishwaveerhuja, Managing Director, Bank of America

He added that the economic momentum is actually all set to further increase the 'prosperity' in the economy.

Though the cuts in the customs and excise duties are being lauded, the status quo regarding the corporate tax structure is something that has not gone down well with the industry.

ANI