President and CEO of Walmart India Krish Iyer said on Saturday the Union Budget 2020-21 seeks to strengthen grassroots of the economy with its positive push towards the creation of strong agriculture infrastructure.
"The Budget 2020 will lead to the creation of a new aspirational India, anchored around agriculture, health and education. It seeks to strengthen the grassroots of the economy with its positive push towards the creation of a strong agriculture infrastructure, which will give a big push to India's rural sector," he said in a statement.
The rate cuts in the personal income tax rates will increase disposable incomes among the Indian middle class, which will enhance consumption through improved purchasing power," said Iyer.
Meanwhile, the Retailers Association of India (RAI) said that the Budget focuses on ease of doing business and infrastructure development.
"The focus on modernisation of agriculture with initiatives like warehousing, cold-storage facilities and digitisation will support modern retail. Ease of access to funds and single-window investment clearance cell for startups will encourage more entrepreneurs in retail," said its Chief Executive Officer Kumar Rajagopalan.
He said more money the hands of consumers will boost consumption. However, the net benefit to individual taxpayers opting for it may not be significant due to the removal of certain exemptions, he added.
( With inputs from ANI )