Bengaluru: Calling the budget presented by Union Finance Minister Arun Jaitley on Wednesday as “safe” and “balanced”, Biocon CMD Kiran Mazumdar Shaw on Wednesday said it could have been “bolder”.
Noting that the Finance Minister has shown fiscal prudence by keeping the Fiscal deficit target at 3.2 per cent, she has rated the budget “overall a 7/10”.
“Overall a safe and balanced budget, which could have been bolder,” Mazumdar-Shaw said in a statement. Terming allocations for rural development, affordable housing, agriculture and infrastructure sectors as “good”, she said “some incentives for MSMEs, but Corporate Tax reduction linked to job creation and investments was missing which would have spurred much needed private sector investment.”
She also lauded removal of Foreign Investment Promotion Board (FIPB) and said it is a good move as it will ease foreign direct investment (FDI) inflow.
Jaitley on Wednesday announced the abolition of FIPB, a body that clears proposals envisaging foreign investment up to Rs 5,000 crore, and also announced that further liberalisation of the FDI policy is under consideration.
Pointing out that in the budget “sadly” there is no impetus for exports, science & technology, manufacturing sector which would have boosted the ‘Make in India’ initiative, Mazumdar-Shaw said however, push for digital payments and electoral bonds is a good step to clean up political funding.
She said the investment in rural digital infrastructure is a positive move towards digital India.