Not surprised by plain-vanilla Budget: India Inc
Reactions quickly started pouring in from India Inc as Pranab Mukherjee finished his Interim Budget speech and its lack of any major sops or changes and not surprisingly the unanimous reaction was: we’re not surprised.
“I was not expecting much from this,” said Sajjan Jindal of JSW Steel, referring to the Interim Budget. “For the next two-three months, we are going to have a policy freeze but monetary policies will address some factors like interest rates,” he added.
It’s an extremely dry budget,” Ravi Ramu, CFO of realty group Puravankara, said. The hard-hit real estate sector had been leading the call for fiscal sops for it.
“It’s a non event for the entire corporate world,” Pradeep Jain of Prasvnath opined. “The Interim Budget was merely a populist Budget.”
Jahangir Aziz, Chief Economist of JP Morgan, said there could be a problem of deflation going forward. “My concern will be about the second half and if till that time, there is lots of government borrowing, there will be trouble.”
Response to budget by Lalit Kumar Jain, Vice President CREDAI, President Promoters Builders Association of Pune (PBAP), chairman Kumar builders