Bankers hail Budget, say it’s pro-growth

New Delhi: Though there were no announcements benefiting the financial sector directly except those on home loans, bankers led by State Bank chairman Dinesh Khara and IBA chairman MV Rao have hailed the Union Budget saying the document is pro-growth and thus allows expansion of their balance sheets.

“The Budget while pursuing fiscal consolidation is largely focused on private demand revival with a slew of fiscal measures targeting the middle class, small businesses and employment generation. The thrust to agriculture productivity, infrastructure, climate transition and rationalisation of capital gains tax are the deeper facets of the transformation that the Budget seeks to achieve. From a banking perspective the Budget is pro-growth and offers scope for balance sheet expansion. In all, it is well-grounded given the domestic and international realities,” SBI chief Khara said.

IBA chief MV Rao, who is also managing director of Central Bank of India, said the overall focus of the Budget was to stimulate domestic growth impulses and so the theme was to concentrate on employment, skilling, small businesses and the middle class.