Budget 2015: Muthoot Group chairman expects measures for reinstating gold loan under priority sector

New Delhi: The upcoming Union Budget is very crucial in terms of bringing the Indian economy back on growth track; curb the fiscal deficit and creating an investment friendly environment.

Many industrialists are having high hopes from the Modi budget which will be presented in the parliament on February 28.

Muthoot Group chairman MG George Muthoot is expecting stronger policies the forthcoming budget. "The forthcoming budget, prepared in the backdrop of a new government, low oil price and current account deficit, will be the most historic budget presentation in the Indian economy. As the current government has been very active on accelerating reforms, fast tracking pending project backlog to put economy back on track since it came to power, we expect a similar pro-growth stance from the government, with focus on forming stronger policies and implementing them in the forthcoming budget."

"We envisage that given the significant role played by NBFCs in supplementing the banking industry, the forthcoming budget will strengthen the role of NBFCs in the economy," Muthoot said.

The chairman is expecting measures for reinstating gold loan under priority sector as according to him the gold loan can be a useful tool in achieving the objective of Prime Minister's Jan Dhan Yojana.