Indian Inc gives mixed reaction to Interim Budget

New Delhi, Feb 16 (ANI): Indian Inc on Monday gave mixed reactions to the Interim Budget 2009-10, as proposed by acting Finance Minister Pranab Mukherjee.

Parsvnath Developers Chairman Pradeep Jain said, "It was a completely non-event. It was more like a political statement than an interim budget. There was nothing for any sector, forget about real estate."

Kotak Mahindra Bank Managing Director Uday Kotak expressed similar sentiments, saying: "Acting Finance Minister Pranab Mukherjee has stuck to what is good convention."

Hinduja Group CFO Prabal Banerjee said: "Government did not have much of a choice. They did what they could best do. Anything, which is new, will come only when a new government comes. This is more like what I had expected."

The Bharatiya Janata Party (BJP) termed the government's calculation on fiscal deficit as 'Satyam's balance sheet' and called it 'poll lollipops'.

The Confederation of Indian Industry (CII) welcomed the Interim Budget, saying it was along expected lines.

CII President-designate Venu Srinivasan said: "CII is keen to see an increase in the funds flowing into infrastructure projects and the social sector. While the former will have a multiplier effect on the economy, the latter will put money into the hands of the people. Both are required to help the economy get out of the current economic stagnation."

According to CII, the doubling of the fiscal deficit from three percent of GDP in 2007-08 to six percent this year should be seen in the context of the global economic crisis, which calls for extra ordinary measures.

Srinivasan also welcomed the attempt to ensure better delivery of social sector schemes through the allocation of Unique Identities.

"This is a long pending reform that will help target the beneficiaries of these schemes and prevent misuse," Srinivasan said. (ANI)