Budget is growth oriented, says Adi Godrej

Raising the taxes on the super-rich will not solve the fiscal consolidation problem, but will definitely help, says Adi Godrej, President, Confederation of Indian Industry.

"Although the plan is only for one year, it's a reasonable move towards fiscal consolidation. It will not solve the issue, but will definitely help," he said in New Delhi on Thursday after Finance Minister P Chidambaram presented the 2013 Budget in the Parliament.

"This budget is definitely growth oriented. Let us see how the GST is introduced and implemented. It should lead to higher growth rate by 2014-15."

Chandrajit Banerjee, Director General, CII, said: "We would like to complement the finance minister. It is an analytical budget. If the direct benefit transfer scheme is put in place, before the UPA tenure is over, it will definitely boost consumption."