Sitaram misses opportunity to improve: industry

New delhi date. February 1, 2020, Saturday

Finance Minister Nirmala Sitaram on Saturday presented Daikka's first budget on Saturday. There has been mixed response from India Inc. On the one hand, CEOs of leading Indian companies believe that Nirmala Sitaram has lost the opportunity to take the bold step of making major reforms for economic growth. Some experts, on the other hand, say that the finance minister had little room to 'take action'.

Biocon chairman and MD Kiran Majumdar Shaw tweeted, "My primary response was that this budget is satisfactory, but after studying the budget I find that there is little optimism about the strong revival of the economy."

I have to say that eliminating tax exemptions and DDTs will hurt individual taxpayers and impact consumers' spending. He also questioned why export incentives were not provided. Explaining the same opinion, Dr. Reddy's Laboratory Chairman Satish Reddy said the industry had high hopes for the budget. The world of industry believed that there were many big entrepreneurial reforms to improve the economy, but the finance minister has disappointed us.

On the other hand, Mohit Malhotra, CEO of Dabur India, lauded the budget and said that by 2022 praiseworthy steps have been taken to double the income of the farmers.

Big steps have not been taken to revive the economy, but the government has little chance for it. The CII president defended the finance minister, saying that he needed to balance the fiscal deficit with the need for higher government spending to boost investment and consumption. In view of this, the budget is very good.