TORONTO: The Canada-India Business Council (C-IBC) has described the Budget as a “nation building” budget.
Kam Rathee, President of the Council, said that Finance Minister P. Chidambaram has done a remarkable job in promoting the rural sector including infrastructure, education, healthcare, agriculture and rural development.
He said that these sectors did not see the benefits of ‘India Shining’ in the years gone by. Now with substantial inputs into these sectors, which constitute the bulk of India’s economy, they would help lift the economy by its own bootstraps.
Rathee said he was impressed by the proposed reduction of the fiscal deficit, the bane of the economy, to 3.3% of the gross domestic product down from 3.7% this fiscal year.
Bhim Asdhir, President of Excel Funds said initiative outlined by the Finance Minister particularly to introduce an amendment to the Insurance Act would provide greater scope for foreign investment.
He said the budget was “positive” and it would boost trade and investment. It should achieve a balance of promoting infrastructure growth while combating inflation and provide new opportunities for Canadian companies to engage in Indian market,” Asdhir added.