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Budget gives much-needed boost to rural economy: Tata Chemicals MD

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Jamshedpur, Feb 1: Tata Chemicals managing director and CEO R Mukundan said that Budget 2017 presented on Wednesday will give much-needed boost to rural economy for inclusive growth.

‘It is encouraging that the Union budget is focused at strengthening agriculture and rural economy – from farmer welfare to improving opportunities for youth.

Allocation of a record 1.8 lakh crore towards rural, agriculture and allied sectors, including Rs 10 lakh cr for agriculture credit for 2017-18, dedicated micro-irrigation fund of Rs. 5000 crore, increasing farm insurance by 40% in 2017-18 and 50% by 2018-19, encouraging dairy processing infrastructure, creating the model law on contract farming, encouraging soil testing, assistance of upto Rs 75 lakh for cleaning and packaging of farmer produce and increasing coverage of eNAM are welcome steps towards doubling farm income in the next five years’.

He further said, ‘With highest ever allocation to MGNAREGA along with application of space technology to make it effective, reflects Government’s strong focus on rural development.

The initiatives announced towards skill development to create employment avenues for the youth surely lays the framework to achieve Government’s promise of 100 million jobs by 2022’.

Mr. Mukundan went on to say that the focus of the budget has been to intensify benefits of the past year’s transformational reforms like the passing of GST Bill and the Demonetisation, as well as a strong thrust on technology and digitalization.

The clear approach of ten distinct themes, impacting both economic and social development has demonstrated the FM’s balancing act between government spending and fiscal consolidation.

Further, with announcements on tax reforms, end-to-end transport solutions for logistics, reduction of basic customs duty on LNG from 5% to 2.5%, creation of integrated public sector ‘oil major’ and simplification of labour laws holds a lot of promise, he added.

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