India Development News & Foreign Investment Opportunities

Interim Budget’19-20 is a Progressive Budget: FICCI

RFID technology for cargo movement, FIEO


RFID technology for cargo movement, FIEO



The Interim Budget, announced on 1 Feb 2019, addresses both the current challenges faced by the economy and outlines the vision for the future, said Sandip Somany, President of the Federation of Indian Chambers of Commerce and Industry (FICCI).

Reacting to the Budget, Somany said: “It is a progressive budget that addresses both the current challenges being faced by the economy as well as presents an outline of the vision the government has for the future of India ten years ahead.”

FICCI compliments the Government for its clear focus on the agriculture sector, particularly the small and marginal farmers, the middle class, senior citizens, small-savers and workers in the unorganised sector.

“The budget contains several comprehensive proposals that would benefit each of these sections of our society,” he said.

The 10 critical dimensions laid out in the budget are the foundation of our future growth and development and will help India achieve its target of becoming a US$10 trillion economy by 2030, believes Somany.

FICCI would work alongside government to realise this national mission and support it in all its endeavours such as Ayushman Bharat, Make in India, Digital India, Clean India and Green India.

FIEO Comments

Interim Budget aims at inclusive growth and social justice, added Ganesh Kumar Gupta, President of the Federation of Indian Export Organizations (FIEO).

Creation of a separate “Department of Fisheries” will put further focus on marine exports which has already crossed over US$7 billion to move to US$10 billion by 2020-21.

The single window clearance for ease of shooting of films will help in augmenting foreign exchange through film/animation industry.

The introduction of comprehensive digitalization of export/import transactions and use of RFID technology will not only reduce the time taken in movement of exim cargo but will also help in identifying the bottlenecks so as to plug them for seamless movement.

Gupta welcomed the comprehensive 10 dimensional vision, focusing on sustained development which provides a road map for the country as well as its economy.

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