New Delhi: An opinion poll carried out amongst leading corporate chiefs who are part of the membership of apex industry chamber, CII revealed that Union Bupart 2008-09 is people oriented and focused on inclusive and sustainable growth.
While budget announcements would provide more purchasing power in the hands of the people to stimulate demand, the general perception amongst industry leaders was that there could have been more reform announcements, especially in the financial, agriculture and infrastructure sector.
* 94% agreed that budget announcements were people oriented
* 76% felt that these were focused on inclusive and sustainable growth
* 42% confirmed that the budget was reform oriented
* Nearly, 63% and another 32% of CEOs who polled felt that the budget announcements “somewhat provide support to the rural economy”
* 50% said that the measures may enhance competitiveness of Indian Industry.
* 87% agreed that the budget proposals would not increase the overall tax burden on the industry and economy.
* 80% felt that India’s need for transiting from a labour-arbitrage to knowledge-arbitrage economy would now be easier
* Of these, 28% felt that announcements on R&D, enhanced skilling, expanding network of knowledge institutions and networks would help the country to reap benefits of knowledge-arbitrage to drive the growth momentum in the economy.
* Overall, only 21% of the CEOs felt that the Union Budget 2008-09 did not meet their expectations
The confederation released a scorecard of salient industry expectations and what the budget delivered and the high correlation that explains the positive mood in industry