New Delhi: Welcoming the Narendra Modi-led NDA government's maiden Budget 2014-15, industry players said it sets the tone for attaining higher growth trajectory, job creation and attracting investments for an economy grappling with multiple challenges.
"I think the approach of creating a stable business environment to attract investment and boost economic growth, that direction comes across clearly. I am very happy personally by his (Finance Minister Arun Jaitley's) focus on job creation," CII President Ajay Shriram said.
HDFC Chairman Deepak Parekh said: "Infrastructure funding had become a bad word for banks. Banks were not willing to fund. With this move, an out of the box thinking will enable long term lending for infrastructure sector".
State Bank of India chairperson Arundhati Bhattacharya welcomed the pronouncements on the consolidation of banks, saying it should be done in a time-bound manner.
"The budget emphasises a bottoms-up approach to reignite growth," she said.
"The Finance Minister's maiden budget signals, both in sentiment and policy, the new government's intention to drive the next generation of reforms and swiftly put India on a higher GDP growth path," Tata Consultancy Services Chief Executive and Managing Director N Chandrasekaran said.
Y C Deveshwar, chairman, ITC, said, "Within the constraints of time and a challenging economic environment, the Finance Minister has presented a comprehensive budget which addresses some key reforms with a welcome focus on physical and social infrastructure".
Kris Gopalakrishnan, co-founder, Infosys said Digital India project is an important initiative taken by the government to leverage technology to serve citizens better. It will also help grow the domestic IT industry, he added.
"Initiatives to promote entrepreneurship and startup's are also welcome. This will benefit the IT industry since many startup's happen in the IT sector," he said.
Joint chairman of Emami group R S Agarwal said the maiden budget presented by the BJP-led NDA Government is in overall a very good budget, adding that the budget is aimed towards expansion of the country's economy and develop a future roadmap for growth.
Presenting his maiden Budget, Jaitley today said the prevailing economic situation presents a great challenge and there was a need to introduce fiscal prudence that will lead to fiscal consolidation and discipline.
Mahindra and Mahindra Director Arun Nanda, however, termed the budget as a "populist budget".
"Looks like it is more of a populist budget. Much of the hype was created but there was disappointment. I personally feel a status-quo type of situation," he said.
K V Kamath, Non Executive Director at ICICI Bank said: "The budget shows that the government is willing to listen and then state that they will act in due course".
Tata Chemicals Managing Director R Mukundan welcomed the budget and said it is a good start by the new government.
"We are not looking at T-20 match. It is a like a series where you have to play step by step and I think they have done right by laying a road map on GST, DTC and also on what the fiscal deficit will be," Mukundan said.
"One of our key priorities was to see a clear course of action to end tax adventurism. The government has tried to address this by promising to not to change any of the tax provisions retrospectively which creates a fresh liability and committing to provide a stable and predictable taxation regime that will be investor friendly and spur growth," said Ficci President Sidharth Birla.
ICICI Bank CEO and MD Chanda Kocchar said the budget has sought to lay out a prudent fiscal path for the country; and address existing issues that have halted infrastructure investment.
"The policy direction is clear, and as the decisions and plans announced today are executed, I am sure the country will move back towards a robust growth path," she added.
Sanjiv Goenka, chairman of the RP-Sanjiv Goenka Group said reduction of fiscal deficit, attracting investments in the manufacturing sector, attracting investments in infrastructure to kick start the economy and restoring investor confidence with a stable and predictable tax regime are the four positive areas in the Budget.
Srei Group Chairman Hemant Kanoria said the budget "has given boost to the infrastructure and manufacturing sectors. The Budget has addressed many issues which will trigger growth. Prima facie, the budget looks progressive in nature".
"The FY15 Union Budget makes a fervent pitch for attaining a balance by creating growth, preserving an ideal level of deficit, and destroying (supply side) inflation," Assocham President Rana Kapoor said.
Terming the budget as "pragmatic and extensive", CII Director General Chandrajit Banerjee said that it "lays out a medium-term vision for the economy and meets industry expectations on growth and employment creation".
Executive Director of Mahindra & Mahindra Pawan Goenka said: "Though there were no big bang announcements, the intent of the budget is clear. I see this budget as a blueprint to the direction the Government will take over the next nine months".
Sandipan Chakravortty, managing director, Tata Steel Processing and Distribution Ltd, in his reaction said it was a long-term budget aimed at increasing employment through a national skill programme and promoting entrepreneurship.