Reacting to the Union Budget presented by Finance Minister Arun Jaitley on Wednesday CMD of Biotech major Biocon Kiran Majumdar Shaw said the Budget is “safe” and “balanced but it could have been “bolder”.
Noting that the Finance Minister has shown fiscal prudence by keeping the Fiscal deficit target at 3.2 per cent, she has rated the budget “overall a 7/10”. “Overall a safe and balanced budget, which could have been bolder,” Mazumdar-Shaw said in a statement.
Terming allocations for rural development, affordable housing, agriculture and infrastructure sectors as “good”, she said “some incentives for MSMEs, but Corporate Tax reduction linked to job creation and investments was missing which would have spurred much needed private sector investment.”
Kiran Shaw also lauded removal of Foreign Investment Promotion Board (FIPB) and said it is a good move as it will ease foreign direct investment (FDI) inflow.