Bankers Cheer Growth-Oriented Budget Emphasizing Infrastructure and Employment

Bankers have praised Finance Minister Nirmala Sitharaman's budget proposals for focusing on growth without compromising fiscal discipline. Key highlights include infrastructure development, increased employment, support for small businesses, and enhancements to education loans. Measures like boosting the housing sector and improving debt recovery are expected to stimulate economic activity.

On Tuesday, bankers lauded Finance Minister Nirmala Sitharaman's growth-focused budget proposals, which prioritize infrastructure development and employment while maintaining fiscal discipline.

Indian Banks Association's chairman, M V Rao, who also leads the Central Bank of India, commended the budget for its balanced approach toward stimulating domestic growth by concentrating on employment, skilling, and small to medium enterprises.

SBI Chairman Dinesh Kumar Khara termed it an 'inclusive' budget that addresses various economic sectors and is expected to boost consumption. He's optimistic that programs like Prime Minister Awas Yojana will spur credit growth and welcomed measures on loan recovery.

Bank of Baroda's CEO Debadatta Chand noted the budget's focus on medium-term economic development and its positives for the banking sector, including support for small businesses and debt recovery.

Monu Ratra, CEO of IIFL Home Finance, called the commitment to build 3 crore houses under PMAY 2.0 a game-changer for the housing finance ecosystem.

Umesh Revankar from Shriram Finance appreciated the budget's focus on employment, skilling, and small businesses, aligning with interim budget announcements.

Standard Chartered's Zarin Daruwala highlighted that reducing the fiscal deficit will lower government borrowing, decrease interest rates, and enhance transparency in the Insolvency and Bankruptcy Code.

South Indian Bank's CEO P R Seshadri and Avanse Financial Services' CEO Amit Gainda praised the enhancement of MUDRA loan limits and education loan provisions, respectively, for bolstering small business lending and making quality education more accessible.

(With inputs from agencies.)