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The ICICI Bank MD and CEO, Ms Chanda Kochhar, said the growth target of 9 per cent set by the Union Budget is clearly a positive signal especially given the backdrop of weak macroeconomic conditions globally.

The Budget seeks to provide a contra-cyclical fiscal stimulus to facilitate this growth. The emphasis on infrastructure and rural development will help to improve productivity and prosperity in the country in the long-term. While the importance of fiscal prudence over the long-term and the government’s intention of returning to the Fiscal Responsibility and Budget Management targets as soon as possible have been emphasised in the near term, financing of the government’s programmes without distorting market interest rates remains a key challenge. Greater clarity is needed on the targets for disinvestment and the way in which the government’s borrowing programme for the current year would be managed.

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