The budget along with the railway budget will contribute to infrastructure development across the country. Impetus to help the rural and farm sector will generate demand for the manufacturing sector and will lead us back to 9 per cent growth target. The budget, which is a spending budget, will help the country to re-energies and swiftly move back to the growth trajectory.

We welcome the abolition of the Fringe Benefit Tax (FBT) and the roadmap laid for the implementation of the Goods and Sales Tax (GST) by 2010.

The budget provides stimulus worth Rs 2000 Cr to the rural housing which is certainly a welcome move as it will complement our efforts of providing good quality housing in rural India. Refinancing 60 per cent commercial bank loans for PPP projects in critical sectors over the next fifteen to eighteen months by IIFCL would infuse liquidity in the system and boost the infrastructure development.

Increase in allocation under Jawaharlal Nehru National Urban Renewal Mission (JNNURM) by 87 per cent to Rs.12, 887 crore would be instrumental in reviving the urban infrastructure. At the same time, total excise duty exemption from pre fabricated concrete slabs is another welcome move as it will help reduce the cost of construction in projects utilizing pre fabricated materials.

Overall, the budget announced today takes care of the economic needs of the country and aims at revival of the economic growth in the long run.