Post Budget Comments of Ashwani Kumar, IBA Chairman & Dena Bank CMD

The budget is well balanced since it gives impetus to long term growth and lays a credible road map of fiscal consolidation. It adheres to fiscal deficit target of 3.5% of GDP and has come out of prudence on the backdrop of global economic conditions with a bundle of tax measures to put private domestic and foreign capital to work. It promotes Growth through its focus on Agriculture, Rural and urban infrastructure development.

The theme of Inclusion is reflected in the measures taken for the empowerment of farmers, entrepreneurs, rural youth and senior citizens can be viewed as a long term inclusive growth strategy. The 4R’s Recognition, Recapitalization, Resolution, and Reform will revive the Balance sheet syndrome with Indian Characteristics and will set a new reform path setting a positive note towards growth of the Banking Sector.

The budget has provided a balanced policy framework aimed at supporting the common man to the corporate. Acknowledging the fact that the Indian economy had strong fundamentals and stand out amongst other developing countries, growth prospects are bright