The industry commended the Union Budget 2014 as a set of comprehensive proposals and at the same time expressed concerns about its implementation.
“The speech was very comprehensive; I think I could not get too much of details of what exactly is the content of each of the items he talked about. As we say the devil is in the detail. We are waiting for that, we will study that and will see what it actually means,” said Ajay Shriram, Chairman and Senior Managing Director, DCM Shriram Ltd said at a budget viewing session organized by Confederation of Indian Industry (CII).
“One thing that the entire country is waiting for is the actual delivery of the proposals which the finance minister has made. He has initiated many steps in this budget speech which we think that is a positive step but I think the importance of having actual delivery of it and ensuring that the result comes at the end of the day I think that is the most important part of the budget exercise,” he added.
“The statement of principles of stability … of avoiding retrospective amendments was exactly as it should be but I think a budget should not be judged on what we heard today but how things get implemented going forward,” said Naushad Forbes, Director, Forbes Marshall Private Ltd.
The industry also welcomed, the government’s initiative to stress on the agriculture sector suggesting that’s where 60% of our population lives.
According to the industry steps such as setting up of a Rs.10,000 fund for start-up is a positive and entrepreneurial step which is being looked at macro-level.