CII members give mixed reactions to Budget 2019

PUNE: The budget for the year 2019-20 has set the tone to bring about the structural changes that will make India’s move to become a $5 trillion economy and more directional in nature than offering a quick fix to issues that need to be addressed, members of the Pune 

Region of Confederation of Indian Industry (CII) said on Friday at a live budget session organised by CII Pune Zonal Council.

Sachit Nayak, Convenor, CII Pune Finance and Taxation Panel and Chief Financial Officer, Eaton 

Technologies Pvt Ltd, said the government’s focus on jobs, investment and digital economy is the right way to  move forward.  

He said, “Increase in foreign direct investment in insurance intermediaries will encourage global best practices and the government’s intention to open up FDI in media and animation will improve the flow of global capital. The government’s plan to create a technology roadmap for artificial intelligence, Internet of Things and Robotics will go a long way in the growth of the services sector.”

Highlighting this budget as a long-term view rather than short term, Vice Chairman, CII Pune Zonal 

Council and Managing Director, Zamil Steel India & General Director, Zamil Steel Vietnam Alakesh Roy, said, “Government has taken a long-term view rather than a short-term view because they are securely in power for the next five years and can sort out issues and fine tune the operative part in the years ahead.”

He further added, “Initiatives such as ‘one nation one power grid’ or use of waterways are in the right direction and the Finance Minister has chosen to pull stops rather than offering sops.”