Arun Jaitley on right trajectory, say experts

From emphasis on agricultural productivity to huge allocation for MNREGA to fiscal discipline, experts said Finance Minister Arun Jaitley has presented a well-balanced and a reformist budget.

Experts lauded reducing rural distress and maximising returns for farmers.

Richard van der Merwe, CEO of Bayer CropScience Ltd, said the outlay towards development of roads and national highways will help in the movement of perishable goods and driving accessibility and price parity across the country for end consumers.

“The Finance Minister’s proposal to focus on agriculture and farmers' welfare and allocation of over Rs. 5000 crore towards crop insurance scheme, direct benefit transfers for fertilizers, enhanced irrigation acreage and agri credit targets to the tune of Rs. 9 lakh crore is a very welcome move,” he said.

Also, Jaitley said India stood ground in difficult times and amid weak global environment.

The government is firm on its course towards fiscal consolidation without compromising on its development agenda and 3.5% fiscal deficit is targeted for FY 2017.

“With aim of 3.5% fiscal deficit the approach toward fiscal consolidation is a right approach. Focus on rural economy will benefit companies like us which has more than 90% of its clients’ base staying in rural areas. Allocation of 3800 crore to MGNREGA is also a positive. It will boost the rural economy in difficult times for agriculture. Overall a very mature and reformist budget,” said Sadaf Sayeed, Chief Executive Officer, Muthoot Microfin Ltd.

Jaitley, in his budget speech, also rolled out several reforms, one of which was PM Jan Aushadhi Yojana, assuring quality medicines at affordable prices.

Pradeep Dadha, Founder & CEO, Netmeds.com, said, “The budget announced opening of 3,000 stores in 2016-17 under Prime Minister's Jan Aushadhi Yojana is a very welcome and innovative move by the government.

However, the tourism industry was not that happy with the budget proposals.

Sharat Dhall, President, Yatra.com said, “The much awaited budget has turned out to be very friendly for the Aam Aadmi but there could have been a bit more in it for the corporate sector. The proposal to increase the tax on ATF (Aviation Turbine Fuel) will result in increase in airfares and dampen air passenger growth which could have been a catalyst for economic growth.”

Still, the pitch to revamp roads and airports across the country was lauded, which would connect people to unexplored destinations.

(Image: Indiatimes)