He said that the liquidity crunch faced by the export industry has not been addressed adequately in the Budget.
“The exports sector is already reeling under the global headwinds and the growth has already flattened,” Singla said.
He, however, said that the government’s move to support private entrepreneurs in the agriculture sector will promote the growth of the sector.
Exports in May grew by only 3.93 per cent and 0.64 per cent in April this fiscal.
Federation of Indian Export Organisations (FIEO) said the government should look into extending the reduction in corporate tax to all companies irrespective of turnover so as to attract overseas investment.
“The Budget has addressed some of the basic challenges faced by manufacturing as well as exports including flow of credit, infrastructure bottlenecks, labour laws, skilling,” FIEO President Sharad Kumar Saraf said.
Commenting on the Budget, Rajasthan-based research and advocacy organisation CUTS International said if the government is serious about attracting investment, it will need to do much more than just focusing on moving up on the Ease of Doing Business rankings.
“Cutting red tape, ensuring policy consistency and predictability, bureaucratic reforms, and time-bound dispute resolution will be pre-requisites,” Pradeep S Mehta, Secretary General, CUTS International said.