Ajit Gulabchand lauds Budget 2014 for steps on infra, agri

Written By Unknown on Kamis, 10 Juli 2014 | 23.25

Maintaining that Finance Minister Arun Jaitley had done a better job than he had even expected,  HCC chairman and managing director said the Union Budget the FM presented today was disinflationary, lead to lower interest rates and kick-start the investment cycle.

"The Budget lays out a fiscal consolidation roadmap of achieving 3 percent deficit in three years. It proposes to form an expenditure reform committee that will take an informed and apolitical view of expenses management," he told CNBC-TV18's Shereen Bhan in an interview.

The HCC chief also hailed Jaitley's move to open the agriculture market by proposing to provide a market for farmers to sell their goods in and said the Budget had done enough to boost the infrastructure as well.

Also read: Budget 2014: Hits, misses in Arun Jaitley's maiden policy statement

In the same interview, Sunil Munjal, Joint MD, Hero MotoCorp, said the FM covered a wide spectrum issues in what was the "longest Budget speeches" he had heard.

"He has addressed issues that industry, civil society, agriculture and the financial industry has raised," he said, adding that the increased focus on agriculture was a welcome move. "We need to focus on building agriculture which is a foundation of this country."

Below is the transcript of Ajit Gulabchand and Sunil Munjal's interview to CNBC-TV18's Shereen Bhan.

Q: You went in with tempered expectations, has he done better than what you were expecting?

Gulabchand: He has done well, he has done what I expected, he has given you a good fiscal consolidation route in which he has targeted bringing down the fiscal deficit to 3 percent in three years.

He has also shown even during the current year how he has contained his expenditure, he has set up an expenditure reform commission so that it can take a very detailed and a more informed look at how to bring down and also takes away little bit of excessive politics out of doing expenditure cuts.

So to that extent it is good because it leads to lowering inflation therefore you get lower interest rates and therefore businesses and investment gets a big boost as a result of that.

Q: Has Arun Jaitley delivered as per your expectations?

Munjal: First it is one of the longest speeches I have heard in a very long time. And also in a long speech he has actually covered probably the widest spectrum of issues and subjects which have been raised by all sectors in recent times. He has addressed issues that industry, civil society, agriculture and the financial industry has raised inside and outside.
 
I don't think there is any one big idea. I think the one big idea that the government is trying to give us through this is we are conscious of what India needs to move forward to become what it wants to be amongst the leading nations. We will have to address all of these things.

We need to focus on building agriculture which is a foundation of this country, we will need to ensure that industry grows especially manufacturing industry, defense industry, tourism industry, all of those which have high multiplier effect will grow.

At the same time we will try and build India into a financial center by bringing fund managers to live inside India and not be operating from Singapore or Mauritius or other places.

The other good thing I felt was focusing on deepening the debt market. We have talked of this for a very long time.

Also helping Indian corporates continue to raise bonds overseas, that you can do at a significantly lower cost than you can do in India. So there is a whole host of things in there.

Hind Constr stock price

On July 10, 2014, Hindustan Construction Company closed at Rs 42.50, up Rs 0.20, or 0.47 percent. The 52-week high of the share was Rs 49.00 and the 52-week low was Rs 7.75.


The company's trailing 12-month (TTM) EPS was at Rs 1.25 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 34. The latest book value of the company is Rs 19.38 per share. At current value, the price-to-book value of the company is 2.19.


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