Lord Swraj Paul lauds Indian budget as ‘good’

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London: India's budget for fiscal 2009-10, at a time when the country is hit by the credit crunch due to the world financial crisis, would help raise people out of poverty besides ensuring jobs and rural development, leading NRI industrialist Lord Swraj Paul has said.

Congratulating Finance Minister Pranab Mukherjee, Lord Paul said he was happy that the budget "is attending to food security, jobs and rural development which are all most important."

Lord Paul, Britain's Ambassador for Overseas Business and recently appointed member of the Privy Council, said "it is a good budget."

"Pranab was the first one to open economy to NRI investors in 1981 when the whole country objected to it, which was sad because it hurt India's economy," he said.

On the budget for fiscal 2009-10, Lord Paul said he "would like to congratulate the Finance Minister for first accepting the reality that India is also affected by the credit crunch and the world financial crisis, and second for helping to raise people out of poverty and recognising that without raising the standard of living for all the people in the country India can't make progress."