India Inc on Saturday welcomed Finance Minister Arun Jaitley's "growth-oriented" Budget, saying it will promote ease of doing business and help create jobs in the country.
Focus on infrastructure development, steps to lower corporate tax, abolish wealth tax and check black money menace came in for special praise from various industry leaders.
"It is a positive and growth-oriented budget and we think it will give a kickstart to the philosophy the Finance Minister laid down of economic growth and job creation.
We really appreciate the strong focus on curbing black money in terms of ensuring that wealth outside has to be declared, it has to become an integral part of the Indian economy," CII President Ajay Shriram said. Jaitley lowered the corporate tax from 30 per cent to 25 per cent. "I think it is a balanced budget.
I feel the Finance Minister has tried to simplify a lot of things like laying a road map for corporate taxation. He has also taken wealth tax off the table. So, I think the Budget has led to ease of doing business in the country," Vice Chairman and MD of Bharti Enterprises Rajan Bharti Mittal told Media.
"The focus on infrastructure development through public resources, PSUs and major initiatives on financial inclusion by increasing the penetration of insurance would bring in growth through state spending and equity," Assocham President Rana Kapoor said.
"I would give it (Budget) 9 out of 10. It is a very positive Budget which encourages growth and integrity.
I am very happy about the stringent provision relating to 10 year jail term for black money holders," Bajaj Auto Ltd Chairman Rahul Bajaj said. Jaitley in his Budget presentation said tat under the proposed law, concealment of income and assets and evasion of tax in relation to foreign assets will be prosecutable with rigorous imprisonment of up to 10 years.
"He (Arun Jaitley) has laid a very clear roadmap and the roadmap is showing movement upwards for development of economy as well as the growth of GDP.
He has done some very good moves one of them being reduction in corporate tax from 30 per cent to 25 percent," Ficci President Jyotsna Suri said. Hero MotoCorp, Jt. Managing Director Sunil Kant Munjal said: "It is hard to find fault with what he (Jaitley) has done.
There are many positive moves, some big ones and some small ones. Overall, the cumulative effect will be pretty profound on the economy. "Removing wealth tax is a very logical direction.
The 2 percent increase in surcharge is fine and people earning above Rs 1 crore can pay," Shriram said. "The budget overall looks pragmatic, positive. The main thrust area was how do we kick start the industry cycle.
Though there are concerns, the growth rate looks positive," KPMG in India, Head - Sales and Markets, Nitin Atroley said.
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