The president of FKCCI, in his welcome address congratulated Shri Arun Jailtey, Hon’ble Union Finance Minister for presenting a comprehensive forward-looking budget and acclaimed it as a pro-farmer, pro-poor and pr-reforms budget. He said that the budget had not only outlined the priorities of the Central Government but also reflected the vision of Hon’ble Prime Minister Shri Narendra Modi.
Mr. Ravi said that, although the fiscal deficit of 3.3% appreared to be on the higher side, it should be noted that the allocation of a major share of revenue to agriculture and the rural sector will provide a new direction to public expenditure on health, education and MSMEs which will increase consumption demand and contribute to economic growth. He further added that the massive thrust given to Medium, Small and Micro Enterprises (MSMEs) in the Budget will boos the employment opportunities. Mr Ravi said that a sum of Rs. 3794 crore had been provided for credit support, capital and interest subsidy and for innovations. He said MUDRA Yojana alunched in April, 2015 has led to the sanction of Ra, 4.6 lakh crore in credit to 10.38 crore beneficiaries. Of the total loan accounts, 76% are of women and more than 50% belong to SCs, STs and OBCs.