Projected GDP growth at 9% in Budget ‘a good sign'

The State Forum of Bankers Clubs in association with the Bankers Club Greater Kochi conducted a panel discussion on the Union Budget here.

Speaking on the occasion, Mr Abraham Tharyan, Executive Director, South Indian Bank Ltd, said that the projected growth of GDP at 9 per cent and fiscal deficit at 4.6 per cent of the GDP in the Budget speech was a good sign for the country. The Budget proposal for allowing foreign direct investment to the Indian mutual funds has been a remarkable one. This will help the Indian mutual fund industry and the share market in a big way, he said.

Mr Tharyan was of the view that absence of concrete steps to issue licences to new banks, the delay in implementing Direct Tax Code as well as Goods and Services Tax and indecision regarding foreign direct investment in multi-brand retail were the negative aspects.

Mr M. Gopalakrishnan, leading chartered accountant, said that inclusive growth, fiscal discipline, encouragement to the private sector and anti-inflation measures were the key features of the Union Budget. Without proposing major increase in direct/indirect taxes, the Budget envisaged more revenue collection by making the way for the private sector to prosper.

The allocation of Rs 33 crore for improving the supply chain of vegetables and fruits was a welcome step. Besides, the Budget threw in a slew of measures such as tax-free bonds of Rs 30,000crore and giving outlines for the creation of an infrastructure debt fund to revamp the infrastructure sector.

Mr L.R.R. Warrier, President, State Forum of Bankers Clubs, presided over the session. Mr K.U. Balakrishnan, General Secretary, State Forum of Bankers Clubs; Dr Kurian P. Abraham, Zonal Manager, Corporation Bank; Mr M.S. Ramani, Chief Regional Manager, Indian Overseas Bank; Mr Thomas Joseph, General Manager, Federal Bank; Mr A. Surendran, President Bankers Club, Greater Kochi; and Mr K. Surendran, Secretary, Bankers Club, Greater Kochi spoke.

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