Comments on the Union Budget for 2017-2018

Ms Chanda Kochhar, MD and CEO, ICICI Bank: "The Union Budget has achieved the right balance between providing a growth impetus and maintaining fiscal prudence. It has comprehensively addressed all areas of socio-economic priority: farmers, poor & under-privileged sections of society, infrastructure development and strengthening of the financial sector. The Finance Minister has rightly prioritized investment in infrastructure and the rural economy, with a focus on inclusive growth and capacity building. The increase in capital spending and the proposals for investment in a range of areas from affordable housing to roads and railways would not only have a multiplier impact on other sectors of the economy but also enhance employment generation and make the growth inclusive. The thrust on digital transactions will increase the size of the formal economy and also make the payment systems more convenient and efficient. The tax measures are aimed at improving direct tax mobilization by broadening the tax base and improving tax administration. The continuity in policy, with the over-arching objective of sustainable and inclusive growth under-pinned by good governance, is very welcome."