Chennai:
Federation of Indian Chambers of Commerce and Industry (FICCI) on
Thursday said that the first Union Budget of Narendra Modi government
is a good budget but failed to meet the expectations of common man and
industry.
Rafeeque Ahmed, chairman, FICCI Tamil Nadu State Council, said that
the expectation from the budget was huge but in reality it is nothing
more than the interim budget except some tinkering changes here and
there.
Ahmed said that the new government failed to give any timeframe on
implementing Good and Service Tax. He said the finance minister has
only committed himself to GST but did not give any timeframe on when
the legislation would be passed.
Interestingly, former Union revenue secretary M R Sivaraman also
echoed the same view. Sivaraman said the budget is a good one but not
an exceptional one as people would have expected.
Sivaraman said that India’s rank dropped from 131 to 134 in World
Bank’s Doing Business Rankings and the government should have focused
more on improving the investment climate.
However, Sivaraman hailed the government’s move to increase foreign
direct investment in defence from 26 per cent to 49 per cent.
“This would result in creation of more jobs. The government should
also ensure that the managerial posts should be held by Indians in
these ventures,” he said.
Interestingly, FICCI hailed the Narendra Modi government for setting
up Rs 10,000 crore fund to boost capital flow to startups and small
and medium enterprises (SMEs) in the country.
Federation of Indian Chambers of Commerce and Industry (FICCI) on
Thursday said that the first Union Budget of Narendra Modi government
is a good budget but failed to meet the expectations of common man and
industry.
Rafeeque Ahmed, chairman, FICCI Tamil Nadu State Council, said that
the expectation from the budget was huge but in reality it is nothing
more than the interim budget except some tinkering changes here and
there.
Ahmed said that the new government failed to give any timeframe on
implementing Good and Service Tax. He said the finance minister has
only committed himself to GST but did not give any timeframe on when
the legislation would be passed.
Interestingly, former Union revenue secretary M R Sivaraman also
echoed the same view. Sivaraman said the budget is a good one but not
an exceptional one as people would have expected.
Sivaraman said that India’s rank dropped from 131 to 134 in World
Bank’s Doing Business Rankings and the government should have focused
more on improving the investment climate.
However, Sivaraman hailed the government’s move to increase foreign
direct investment in defence from 26 per cent to 49 per cent.
“This would result in creation of more jobs. The government should
also ensure that the managerial posts should be held by Indians in
these ventures,” he said.
Interestingly, FICCI hailed the Narendra Modi government for setting
up Rs 10,000 crore fund to boost capital flow to startups and small
and medium enterprises (SMEs) in the country.
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