Mumbai

Describing Modi government’s first full Budget as a “very balanced” document, industry captains hailed reduction in corporate tax rate, abolition of wealth tax, GST rollout roadmap and extension of time-frame for achieving 3 per cent fiscal deficit target.

“The prudent fiscal consolidation with growth bias, tax structure rationalisation, social sector uplift and focus on infra spending would serve the nation well,” Gautama Adani, chief of diversified group Adani Enterprises, said.

He specifically welcomed provisions like abolition of wealth tax, merger of commodity regulator FMC with capital markets watchdog Sebi and the roadmap for rationalisation of corporate tax to 25 per cent from 30 over a four year-period.

Industrialist Harsh Goenka had a humorous take on the Budget. The Budget “pleases plain and plane-owning people, the have-nots and the have-yachts people,” he said on the micro- blogging site Twitter.

Global Chairman of Hinduja Group S P Hinduja hailed the strong measures proposed to curb black money both within and outside India, but rued the absence of any measures on political funding.

“Steps should have been taken to bring transparency and accountability in political funding which is the root cause of corruption and black money,” he said in a statement.

TCS head N Chandrasekaran gave the Budget eight marks on a scale of 10 and welcomed the focus on education through greater investment in institutions of higher learning as well as in skill development, which he said is extremely important for reaping the demographic dividend.

GVK Group Chairman and Managing Director G V K Reddy said investments of Rs 70,000 crore, risk sharing mechanism for PPP projects and setting up of a national investment and infrastructure fund are big positives.

Biocon chief Kiran Mazumdar Shaw sounded a bit disappointed with the Budget, saying she expected more moves on the Government’s pet `Make in India’ campaign.

Two wheeler-maker Bajaj Auto’s Rahul Bajaj termed the Budget as “one of the best” in the recent past and sought to dismiss notions of it being a “pro-corporate”, saying, “it is a Budget for growth, savings, industrial development and for the middle-class”.

Marico Chairman Harsh Mariwala said the Budget is “sound and steady, but not path-breaking”.

Wind mill maker Suzlon’s Tulsi Tanti said even though it is a positive Budget and the initiatives to reduce carbon footprint are welcome, the Government should have had considered some interest rebate.

© Copyright PTI. All rights reserved. Republication or redistribution of any PTI content, including by framing or similar means, is expressly prohibited without their prior written consent.