New Delhi: Industry today (Jul 8, 2004) welcomed the Union Budget for 2004-05 saying it was a good Budget given the compulsions before the Government.

"This is another dream Budget by Finance Minister P Chidambaram. This is a dream Budget for the food, agriculture and rural development sectors. The earlier Chidambaram Budget (1997-98) was a dream Budget for the corporate sector," Tarun Das, chief mentor of the Confederation of Indian Industry (CII), said.

The benefits from these sectors would trickle down to the manufacturing industry, he said hoping the success would depend on its implementation.

Noted Industrialist Arun Bharatram, chairman of SRF, felt that under given compulsions, Chidambaram presented a good Budget.

Bharti Group chairman Sunil Mittal said that hiking of service tax from 8 per cent to 10 per cent would not affect the industry much and that such steps were essential to mop up resources for funding education and mid-day meal scheme.

Maruti Udyog Managing Director and president of Society of Indian Automobile Manufacturers Jagdish Khattar welcomed the higher allocations made for the Defence sector saying auto industry would be a benefited by it.