Budget 2016: Industry leaders praise Jaitley's rural push

NEW DELHI: Union finance minister Arun Jaitley's bid to boost rural and infrastructure sectors in

Union Budget 2016

has been hailed by several industry leaders.

The Budget dwelt on what the finance minister described as a "transformative agenda" with the farm and non-farm rural sectors getting pride of place, followed by job creation, infrastructure and the social sector.

Welcoming the government's rural focus, Ritesh Kumar, MD & CEO of HDFC ERGO General Insurance Co. Ltd, said, "The Budget has moved away from the popular big bang announcements and has focused on rural, agriculture, health, education, infrastructure and financial sector reforms, which is good."

"The budget attempts to boost and safeguard farmers’ earnings with a view to boost agriculture yields and reduce imports. The credit target of Rs 9 lakh crore to the agriculture sector indicates the government’s focus on the agriculture sector," he said.

Stating that the Budget is in line with general expectations, Ritesh Kumar said, "The budget puts more money in the hands of the people, especially the middle class, with a view to boost consumption and demand."

Expressing similar views, Walmart India president and CEO Krish Iyer said: "The Union Budget continues to rightly focus on rural and infrastructure sector. The planned investment in these two critical sectors will not only create jobs but also give impetus to demand generation and economic growth."

PHD chamber president Mahesh Gupta said the Budget's focus on rural India would go a long way to generate demand in the economy and give a push to overall growth and development of the country.

(With input from agencies)