LONDON: The Indian business community abroad on 28 February hailed the Union Budget for 2007-08 presented by Finance Minister P. Chidambaram.
NRI industrialist Lord Swraj Paul welcomed the budget but said a lot more has to be done to help the common man in India.
“Though the allocation for health and education has been increased, we must not lose sight of the fact that a lot more has to be done to help the common man and improve the lot of children,” he said.
Describing the budget as a bold one, Hinduja group Chairman S. P. Hinduja said, “It is after a long time that such a bold budget with the ultimate objective of poverty alleviation and raising the income levels of rural households has been presented.”
The objective would be achieved only if the investment projects were properly implemented and the benefits of the investments reached the people targeted as planned.
Congratulating Chidambaram for presenting a “courageous” budget with focus on, among other things, agriculture, rural development and infrastructure and investment in irrigation, Hinduja said he has been a “good Finance Minister in presenting budgets with objective of economic growth with social justice.”
Terming the Union Budget as “stable” and focussed on combating inflation, the US-India Business Council said on 28 February that it was particularly appreciative of further reductions in customs duty.