Socially inclusive Budget, lays roadmap for growth: Hinduja

UK-based global business conglomerate Hinduja Group Chairman S P Hinduja on Saturday hailed the Modi government's Budget as "socially inclusive" that lays a clear roadmap for placing India on double digit growth trajectory in the medium term.

He, however, expressed disappointment over "lack of" clear-cut measures or incentives to tap the investment potential of NRIs and steps to bring transparency and accountability in political funding. Budget 2015: Complete Coverage

"The Budget 2015 is a very socially inclusive one. With higher transfer of tax revenues to states, they have been made equal partners with the centre to ensure balanced growth across regions marked by equity and social justice," Hinduja said in a statement.

He further said: "Directionally, the Budget highlights clear roadmap for placing the country on a double digit growth trajectory in the medium term."

While stating that the various measures will boost the NRIs' confidence and appetite for investment in India, Hinduja, however, said "the lack of specific measures or incentives to tap the investment potential of NRIs is disappointing".

On the issue of blackmoney, he hailed Finance minster Arun Jaitley for proposing strong measures to prevent the growth of black money in India and abroad.

"However, steps should have been taken to bring transparency and accountability in political funding, which is the root cause of corruption and black money," Hinduja said.

Listing out positives from the Budget, he further said: "The thrust towards infrastructure bodes well for the future of the economy." Budget 2015: Complete Coverage

Higher capital spending proposed to build physical and social infrastructure--irrigation, power, electronic connectivity, roads, rail lines, ports, education, skill development and healthcare--will bring supply side improvements, create jobs, promoter entrepreneurship and rejuvenate the economy with moderate stable inflation and alleviate poverty, Hinduja added.