A well-balanced welfare oriented budget
Deepak Bansal | 01 Mar 2011
Finance Minister has presented a welfare oriented budget that will help build the capacity of the economy. The Finance Minister has tried to control inflation through rationalization of excise and customs duties.
“IT IS a well balanced budget and Finance minister has taken care of different sectors of the economy very well,” said Prof. J.D. Agarwal, noted economist and Chairman, Indian Institute of Finance reacting to the Union Budget 2011 presented by the Finance Minister today.
According to Prof. Agarwal, Finance Minister has presented a welfare oriented budget which will help building the capacity of the economy. The Finance Minister has tried to control inflation through rationalisation of excise and customs duties.
He appreciated Finance Minister’s special attention to the states of J&K, West Bengal & Tamil Nadu.
According to him, the industry deserved better attention and it was expected that the surcharge would be removed. However, he feels that reduction in surcharge from 7.5 to 5% would have positive impact.
Enhancing the farm credit facilities and inter state subvention of additional 1 % will help farmers get credit at 4 % would give great relief to the farmers felt Prof. Agarwal. However to increase productivity of Agriculture sector, greater impetus for larger investment was expected.
The Finance Minister has adopted a socialistic approach for maximizing welfare through financial inclusion and investment orientation said Prof. Agarwal.