NEW DELHI: Chief Executive Officer (CEO) of Volvo India, Kamal Bali, has praised Finance Minister Nirmala Sitharaman’s interim budget for its commitment to inclusive and sustainable growth. Bali commended the government’s dedication to responsible and efficient governance, emphasising the continuity of India’s impetus towards a more equitable future.
The 58-year-old President and Managing Director of Volvo Group India expressed satisfaction at the aggressive fiscal deficit goals set in the interim budget, coupled with a stable macroeconomic performance. This strategic fiscal approach aligns with the broader vision for economic resilience and sustainability.
“It was a pleasant surprise to see aggressive fiscal deficit goals and stable macroeconomic performance, while furthering capex on physical infrastructure as well as DPI,” said Bali.
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The decision to target a fiscal deficit of 5.8 per cent in the current year, slightly better than the original budget, and pegging it at 5.1 per cent for the upcoming year was viewed as a bold and responsible move. This, according to Bali, not only supports fiscal discipline but also aids in curbing inflation.
The CEO lauded the decision to increase capital expenditure (capex) on physical infrastructure and Direct Payment Infrastructure (DPI). This move reflects a proactive stance towards bolstering critical sectors that contribute to India’s economic development.
Bali also highlighted the noteworthy allocation of one-lakh crore support to technology and innovation. He described it as a “very thoughtful and compelling idea” that has the potential to propel India towards the vision of Viksit Bharat. This allocation is expected to drive advancements in various sectors by fostering technological innovation, he noted.
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Applauding the budget’s focus on crucial sectors, including the farm sector and Micro, Small, and Medium Enterprises (MSMEs), Bali appreciated the support extended to green public transport, aligning with global efforts towards sustainability.
Kamal Bali also termed the interim Budget as outstanding, capturing the essence of a strategic fiscal roadmap. “Overall, an outstanding interim budget”, he concluded.