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CEOs give thumbs up to the Union Budget 2014-15: FICCI Survey
Apex industry body FICCI has come out with a survey on the Union Budget for the fiscal year 2014-2015 presented last week by the NDA government. According to the survey more than 50 business CEOs have given thumbs-up to the budget, that was announced amid high expectations.
FICCI in statement said that Union finance minister Arun Jaitley presented a balanced budget giving due cognizance to the issues currently being faced by India's economy.

"Getting back to the pre crisis growth level is of paramount importance given the need to generate jobs and assure inclusive growth. The emphasis given to sectors like manufacturing, infrastructure, tourism, textiles and housing, which have the potential to create both skilled and unskilled job opportunities is indeed applaudable," says FICCI's statement.

FICCI says that, besides the fiscal deficit to GDP target for the current financial year has been kept unchanged at 4.1%, which is the same as indicated in the interim budget announced earlier this year. The government has given a clear signal that it will attempt moving towards a more efficient expenditure management system and a rationalised tax framework.

The resolve to get back on the path of fiscal consolidation seems strong. Nonetheless, we will have to wait and watch the implementation strategy of the government.

In addition, government's resolution towards inflation management is noticeable. The announcements of setting up a Price Stabilization Fund and working with states in re-orienting APMC Act will help tackle elevated food prices. Further, measures to enhance agriculture productivity will enable inflation management on a sustainable basis in the long run.

Given this backdrop, FICCI conducted a quick survey amongst its members to gauge the sentiment post budget. The survey results are based on responses from about 60 CEOs, who are members of FICCI's National Executive Committee.

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