Rather, as a last minute do, it had a low-key, 10 member panel led by its president Anand Mahindra, who said: “Not only has the fiscal deficit been brought down from the budget estimate of 5.6 per cent of the GDP to 4.8 per cent but this interim exercise has also furthered the cause of reforms through specific measures. Some of these were very much a part of CII’s reform agenda.”

CII director general Tarun Das: “Higher growth, lower deficit and still more reforms - it’s three thumbs up for the interim budget.”

At Federation House, the headquarters of Federation of Indian Chambers of Commerce and Industry (Ficci), again it was a low-key affair with just four members present. Its president YK Modi welcomed the measures on fiscal consolidation, infrastructure, agriculture and financial and social sectors.

Assocham president Mahendra K Sanghi said, “The announcements made by the finance minister clearly show that the government is committed for reforms and the said process would continue.”

But Federation of Indian Export Organisations (FIEO) is clearly upset with the finance minister as its president Rafeeque Ahmed said, “The exporters were expecting tax reliefs in view of the appreciation of the Indian rupee to partly offset their lossess.”

Nasser Munjee, president of Bombay Chamber of Commerce and Industry, said that even though the underlying tone of continuation of the reform process is welcome, the decision to merge dearness allowance to the extent of 50 per cent of pay with basic pay is a cause for concern as it would further impact the fiscal deficit.

Indo-American Chamber of Commerce president V Rangaraj said, “The focus of the finance minister on gross national contentment and distributive justice has set a new precedence. The underlying premise is that development has to have a human face.”

He is supported by Ravi Wig, president, PHDCCI, who said: “The interim budget 2004 is aimed at accelerating growth and reflects the commitment of the government to move towards fiscal consolidation. However, it is also equally true that there has not been a commensurate decline in revenue deficit which still hovers around 75 per cent of the fiscal deficit.”

The All India Association of Industries (AIAI) president Vijay G Kalantri felt that the proposals to increase the limit of credit cards for small and medium enterprises (SMEs) from two lakh to ten lakh, reduction in interest rate below nine per cent, timely and affordable loans to the agri sector and further reduction of stamp duties will boost the growth in the sectors.

Indian Chamber of Commerce, Calcutta, president Vikram Thapar said, “The focus on creating world class infrastructure is evident and a welcome step.

This holds the key to taking India’s GDP beyond eight per cent.” But Mr Thapar added that the support given to the tea industry “would need enhancement, given the difficult times the industry traversing through”. He said the eastern and north-eastern region would require more concrete developmental plans in the general Budget.

The Indian Chamber of Commerce and Industry (ICCI) has welcomed the concessional finance given to small and medium enterprises (SMEs) and said, if properly implemented, these measures could help shoring up their competitiveness. ICCI stated that there is resistance on the part of the banks and financial institutions to lend money to SMEs which has adversely affected their expansion and modernisation plans.

Some like the Federation of Associations of Small Industries of India, are celebrating. FASII president, Ashok K Poddar, has welcomed the proposal to increase the credit limit under the Laghu Udyani credit card scheme. He also lauded the reforms being undertaken in the stamp duty regime.

Noida Special Economic Zone Entrepreneurs Association president Asoke Laha said the tax incentives to foreign BPO companies is most timely since it will help in sending the right signals to the multinational companies, especially from the US.

According to Greater Mysore Chamber of Industry president Indra Prem Menon, “The introduction of e-filing of customs documents and extension of 8-digit classification to central excise is welcome as is the proposal to simplify services tax procedures and introduction of a single return and registration for services tax payers.”

Federation of Karnataka Chambers of Commerce and Industry stated that the interim budget has welcome and positive features and concessions offered to farmers and small industries will go a long way in addressing specific problems.

The Karnataka Small Scale Industries Association hailed the elements of the interim budget and said the creation of small and medium enterprise fund and industrial infrastructure fund are very timely. Tamil Nadu Small and Tiny Industries Association (TANSTIA) said these funds could provide credits at the rate of interest that would be two per cent less than PLR which was highly welcome.

The Southern India Chamber of Commerce and Industry (SICCI) said the Budget aims not only to consolidate the gains of the Indian economy but also seeks to hasten the pace of growth.

The Kerala Chamber of Commerce and Industry feels that though it has growth-accelerating proposals, the Budget contains several announcements rather than concrete proposals.

Kochi’s Indian Chamber of Commerce president PM Muraleedharan welcomed the measures for poverty alleviation, crop loans at reduced interest rates, formation of the National Cattle Development Board, health sector improvement, user-friendly tax administration with regard to customs and central excise and extension of capital gains tax exemption.

Cochin Chamber of commerce president NR Pai said there was enough to cheer with the present tax structure being undisturbed and the minister declaring the thrust areas.

According to K Satish Reddy, chairman of CII-Andhra Pradesh, “Not only the fiscal deficit has been brought down from the budget estimate of 5.6 per cent of GDP to 4.8 per cent, but this interim exercise has also furthered the cause of reforms through specific measures.”

The interim budget has kept up the basic theme of of ‘feel good factor’ of projecting a stable economy with an assured growth to enhance national prosperity, said Federation of Andhra Pradesh Chambers of Commerce & Industry.

Mahratta Chamber of Commerce, Industries and Agriculture (MCCIA) welcomed the Interim Budget initiatives and director general DK Abhyankar felt that the reduction of the interest rate for the SSI agro & agro processing units would give this sector a enormous thrust. “The increase in the limit for the Laghu Udyog Credit Card system would help the small farmers to fund their short term finance needs without having to go to the high-interest money lenders,” he added.