The Indian Chamber of Commerce (ICC) has welcomed the Budget 2017 especially with regard to its specific push to agriculture and rural sectors.

It also welcomed the push to boost infra development, MSME tax reductions and personal income tax reforms.

The chamber also praised the move to go for political funding reforms and reforms in FDI.

“Announcements that the maximum amount a political party can receive in cash donation will be Rs 2,000 from any one source, and that political parties will be entitled to receive donations by cheque or digital mode are welcome steps that will make political parties more transparent and accountable,” Aditya V Agarwal, President, ICC and Director, Emami Group, said.

According to him, the decision to abolish the Foreign Investment Promotion Board (FIPB) is a welcome step which will lead to further liberalisation in the FDI policy.

“It will help India further leverage its position as an emerging, invest-seeking economy,” Agarwal added.

However, on the negatives, the Budget did not mention anything about corporate tax rate cuts, or the much-needed funding for weak state-run banks.