Industry captains on Tuesday 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.

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Anand Mahindra, president, Confederation of Indian Industry, 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.

Improvement of airport facilities instill confidence among the investors, he added.

Mahendra K Sanghi, president, Association of Indian Chambers of Commerce described the budget proposals as "economic driven" that will boost growth.

Sanghi said availability of easy credit to farmers and small and middle entrepreneurs 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 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, Federation of Indian Exports Organisations president Rafeeque Ahmed said.

CII director general Jaswant Singh presented the Interim Budget on expected lines and the government policies towards agriculture are intended to make the farmers less dependent on the monsoon.

The government is trying to evolve economic policies that not only achieve its eight per cent growth target but maintain it. It is a welcome move on the part of the finance minister that he has tried to reduce tax levels and help improve the economic climate that would bring greater revenue in the treasury, he said.

Naresh Trehan, exceutive director, Escorts Hospital, said it was encouraging to note that the health sector has at last grabbed the government attention. The decision to reduce import duty on special hospital furniture and equipment while giving countervailing duty benefits to local manufactures' are steps towards creating a level playing field as well as providing international standard health care facilities in the country, the noted surgeon added.

On tax exemption on outsourcing to companies having an Indian arm, Scot Bayman, CEO GE India, said it was consistent with earlier policy statements of the government on the matter. It has again been clarified the Centre has no intention to tax BPO services, Bayman said.

 Maruti Udyog Ltd managing director Jagdish Khattar said the automobile sector was not expecting anything in the budget after the announcements the government made in January. The efforts to rein in fiscal deficit below five per cent, recognizing manufacturing as a core area, providing urban amenities in rural areas and strengthening institutions like IDBI, are steps in the right direction, he added.

Y K Modi, President, Federation of Indian Chambers of Commerce and Industry hailed the measures announced for fiscal consolidation, infrastructure, agriculture, social and financial sectors.

"These measures would further enhance the feel good factor, which would further boost an upbeat economic sentiment," Modi said.

PHDCCI president Ravi Wig said though the Interim Budget announcements reflected the government's commitment towards fiscal consolidation, there has not been a commensurate decline in revenue deficit, which continues to hover around 75 per cent of fiscal deficit.

"We are much behind in bringing down the fiscal deficit to three per cent of GDP, which is important for achieving GDP growth rate of eight per cent," Wig said.

The role of IDBI as a development financial institution would help growth in the manufacturing sector, he added.

Rajesh Jain, managing director Panacea Biotech, said the pharma industry expected concessions in AIDS and TB related medicine production but the minister did not look into these issues but the matter would, hopefully, be given a serious thought when the next government presents a full Budget.

P Rajendran, NIIT COO, hailed the concept of kisan credit card saying it helps taking the benefits of technology to the country's farmers who need it the most, and allowing it to act as ATM cards is very futuristic.

He said import duty relief would boost computer sales and increase countrywide communication system.

Sunil Kant Munjal, CII vice president and MD, Hero Corporate Services said the government pronouncements on the BPO sector are "very positive" and the entire budget reflects Centre's seriousness towards fiscal discipline.