Union Budget 2014-15 was described as development-oriented and one that has the potential to boost the economy across various sectors.

At a ‘Budget Talk’ organised by BusinessLine in association with State Bank of Hyderabad at PB Siddhartha College of Arts and Science (PBSCAS) here on Saturday, a panel of speakers felt that the Budget was fairly managed.

Being just 45 days old, the Narendra Modi Government had to contend with the UPA Government legacy and limitations in the budget process, it was felt.

For Union Finance Minister Arun Jaitley, it was a tough job to strike the right balance between measures that fuel growth and the much-needed fiscal discipline, they said. MVSM Prasad, Additional Commissioner of Income-Tax, said drafting a budget for a developing economy like India is perhaps the most daunting task in the world. The Government is constrained by non-availability of funds to cover all sections and make financial allocations, he said.

LEPL Projects Director Chowdary T Chigurupati said the Budget has set its sight on a growth rate of 7-8 per cent and possibly more over the next five years and gives the requisite direction for achieving it.

Decisions like raising the FDI cap in defence and insurance would certainly prop up the economy, he said.

JSRK Prasad, CEO of Better Castings, said the Budget is essentially about improving infrastructure, being competitive and bringing down the cost of transactions.

He felt a concerted effort has to be made to achieve a higher ease-of-doing-business rank in the global market place, which should be duly aligned to human development goals.

Chartered accountant Rajeshwar Kosuri said the Budget is not aimed at Dalal Street but the man on the street. Rajesh Jampala, PBSCAS Director of MBA Department, highlighted various provisions with regard to smart cities and social sectors.

VV Raja Rao, Senior Regional Manager of The Hindu , was among those present.

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