India Inc on Friday termed the Modi Government's last Budget as a balancing act of populism with a pragmatic approach in an election year, taking into consideration both "hosh and josh".
Industry leaders including Gautam Adani, Anand Mahindra, Anil Agarwal, Kiran Mazumdar Shaw and Sanjiv Puri felt issues relating to farmers, unorganised sector workers and middle class were addressed without 'risking bankruptcy of the economy'.
It is "an 'election year' Budget that expectedly has something for everyone, from farmers to traders, workers in unorganised sector to the salaried middle class", Biocon CMD Kiran Mazumdar-Shaw said.
She said the Government did well to balance the populist tone by signalling its commitment to stick to the road of fiscal discipline.
"India's middle class, small traders and farmers are the lifelines of its economic growth. By catering to these ambitions #Budget2019 infuses hopes for millions of dreams," Adani Group Chairman Gautam Adani tweeted.
Expressing similar views, Mahindra Group Chairman Anand Mahindra said in a tweet, "I was bracing for a populist, profligate budget driven by 'election panic.' I'm just grateful that the reliefs to the key middle class & farmer segments were delivered in a measured way without risking bankruptcy of the economy. This was a controlled, pump-priming exercise..."
RPG Enterprises Chairman Harsh Goenka termed the announcements in the Budget as "a volley of sixes, a victory for farmers and middle-class, two major pillars of our economy".
He further said, "Balancing both hosh and josh, the Budget will stimulate consumption demand and alleviate lives in rural areas..."
"The Narendra Modi government must be applauded for a pro-growth and fiscally prudent budget for the financial year 2019-20 without putting the exchequer's finances under too much pressure," Vedanta Resources Executive Chairman Anil Agarwal said.
Dalmia Cement (Bharat) MD and CEO Mahendra Singhi said the key highlight of the Budget was benefits to empower the rural and agro economy.
"The measures announced in the Budget are likely to provide a significant impetus to consumption spending in the economy, which will boost growth in the near to medium term," CII President Rakesh Bharti Mittal said.
Another industry body Assocham said the interim Budget appears to be a good one with a mix of populist and pragmatic statements.
"The announced tax breaks, together with low average inflation, are likely to spur domestic demand and spending, and inject liquidity in the market. This is great news for sectors such as hospitality and travel," OYO Hotels and Homes Founder & Group CEO Ritesh Agarwal said.
Apollo Hospitals Group Chairman Prathap C Reddy termed it a forward-thinking budget with a definitive vision to accelerate much greater progress and enhance wellbeing of Indians.