New Delhi: Industry today (Feb 3, 2004) welcomed the Interim Budget, saying it was consistent with the Government's policy of achieving eight per cent growth target and creating a business-friendly environment in the country.

CII (Confederation of Indian Industry) president Anand Mahindra said the Interim Budget has shown the Government's commitment towards economic reforms and the five core areas including agriculture, manufacturing and infrastructure, and reflects consistency in the Centre's policies and brings a certain amount of predictability for the entrepreneurs.

Mahindra said the focus on agriculture was a welcome step that would induce other sectors of the economy to grow. Improvements of airport facilities instil confidence among the investors, he added.

Associated Chambers of Commerce and Industry of India (ASSOCHAM) president Mahendra K Sanghi described the Budget proposals as "economic driven" that will boost the growth.

Sanghi said availability of easy credit to farmers and SMEs (Small and Medium Enterprises) will help generate employment opportunities in the country while procedural relaxation in the case of indirect taxes and e-filing, procedures simplification, self-assessment and random checks in the case of customs clearance and reduction of stamp duty rates will have a positive impact.

However, Federation of Indian Export Organisations (FIEO) struck a discordant note, saying the exporting community was expecting a tax relief in view of the appreciation of the Indian Rupee to partly offset their losses.

The Finance Minister has failed to meet exporters' demand for abolition of stamp duty, FIEO president Rafeeque Ahmed said.