US industry welcomes Budget, terms it 'forward-looking'

Welcoming the "forward-looking" annual Budget presented by Finance Minister Arun Jaitley, industry bodies here have said it builds on economic reforms enacted over the last three years.

"At a time of global uncertainty, Budgets can be challenging to implement but the Finance Minister has done an admirable job in creating a vision that will propel the domestic economy while remaining cognisant about foreign investors," the US-India Business Council (USIBC) president Mukesh Aghi said.

According to USIBC, the Budget is a fiscally sound agenda that doubles down on Modi's stated goals of improving the ease of doing business by reducing red tape, investing in "Skill India", and attempts to mitigate the "negative impact" of demonetisation.

"The industry welcomes positive steps in the affordable housing segment, bringing the 'Housing for All' scheme a step closer to reality.

"Relaxation on long term capital gains and infrastructure status to the segment will boost supply in the market. The Council looks forward to more announcements on liberalisation in certain sectors in the near-term," Aghi said.

The Budget deepens the government's move towards a digital economy, while remaining committed to attracting foreign investment, increasing infrastructure spending in roads and civil aviation, rationalising the tax structure, spurring domestic growth while also bringing in rural India into the fold of the digital economy, USIBC said.

"I am in complete agreement with Finance Minister Arun Jaitley: when you look around the world today and witness all the retrenchment and chaos underway from Russia to China to Brazil, India stands out as a beacon of stability and predictability," said Ron Somers, founder and CEO of India First Group.

As India's Goods and Services Tax (GST) is efficiently and effectively implemented, India will begin a sustained economic expansion, creating jobs and unprecedented opportunity, Somers said.