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Federal Bank Managing Director Shyam Srinivasan has said the Union Budget is a good beginning and that it will propel growth.
The budget has broadly met expectations by reassuring that the government would not amend tax rules retrospectively and that GST would be introduced this year, Srinivasan said in a statement.
“Incentives to banks for long-term lending to infrastructure projects by way of non-applicability of CRR, SLR on long-term resources used for the purpose will facilitate fund flow to the sector,” he said.
Srinivasan said housing would get a boost as the interest exemption on loans from banks on self-occupied property was increased.
“The Finance Minister has made a beginning in the areas that will go a long way in creating jobs. Steps like investment allowance on fresh investments in plant and machinery, development of industrial corridors, reduction in excise duty in certain manufacturing segments and allocation of ₹5,000 crore for building warehouse infrastructure will increase the share of manufacturing and agriculture and give impetus to high-tech agriculture and agro-based manufacturing,” he said.
“The budget gives confidence and, on achievement of certain milestones, would set the stage for future budgets to propel growth and take it to much higher levels,” he added.
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