The Confederation of Indian Industry (CII) and the PHD Chamber of Commerce and Industry (PHDCCI) have welcomed the announcements made in the interim budget presented by Finance Minister Dr P Chidambaram in the lok Sabha on Monday.
The CII National President Kris Gopalakrishnan in a press release issued here on Monday stated : ‘The Finance Minister has highlighted the importance of the manufacturing sector, which is key to reviving the economy. The performance of the manufacturing sector over the last one year has been consistently poor and is in need of intervention by the Government. On behalf of CII, I must thank the Finance Minister for recognizing this need and reducing excise duty in some of the most affected sub sectors of manufacturing.’ The PHDCCI National President Sharad Jaipuria remarked in a statement: ‘As indicated by the Finance Minister, today’s’Vote of Account’ would end with 4.6% of fiscal deficit which is lower than the anticipated level of 4.8%. The fiscal deficit estimates for the coming financial year at 4.1% are also inspiring with the increased subsidies scenario for food, fertilizers and fuel at Rs. 2,46,397 crore.’