New Delhi: The Standing Conference of Public Enterprises (SCOPE), the apex body of public sector undertakings (PSUs) in India, said that the Union Budget 2019-20 has chalked out an ambitious framework for boosting overall economic and social development while placing more emphasis on rural and urban infrastructure.
"By committing Rs 100 lakh crore investment in infrastructure over next five years the Union Budget has given a substantial boost to the infrastructure," said UD Choubey, DG, SCOPE, and added that PSUs will have a greater responsibility of fulfilling Budget commitments in the infrastructure sector.
Commenting on the budget, Choubey said that it has made a breakthrough by proposing streamlining of multiple labour laws into a set of four codes.
"Now the thrust goes to implementation part to see better results," he added.
"For the corporate bond market, a Credit Guarantee Enhancement Corporation to be set up in the current fiscal year as part of the measures to deepen the bond market is an innovative step.
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Further Government will work with RBI and SEBI to enable stock exchanges to allow AA-rated bonds as collateral, measures to improve the tri-party repo are expected to help the corporate bond market. Widening of the 25 percent corporate tax to companies having turnover of upto Rs 400 crores is a positive signal for India Inc and would help to improve private investment. There are a few innovative proposal in the budget like borrowing from abroad for sovereign borrowing to meet the needs of the government," said Sunil Mehta, Chairman of Indian Banks' Association.