Kolkata, March 1 The Union Budget for 2007-08 "has been a balanced, reasonable and growth- oriented one," Harshavardhan Neotia, past chairman of CII Eastern Region and director of Bengal Ambuja Business Development Ltd, said at the Union Budget analysis session organised by the Confederation of Indian Industry (CII) here Thursday.

According to Neotia, the finance minister has effectively tried to "bridge the gap between Bharat and India". He stressed that though it has not been an industry-oriented budget, it has tried to boost growth for all sectors in the long run. "The thrust in infrastructure would help to improve the growth rate of the economy," Neotia said.

The Budget has recognised the need for providing top priority to agriculture in the policy making process and has also given significant importance to education and health.

While some sectors like the cement or construction industry might be affected in the short run, the SME sector has received a decent benefit, Neotia said.

Sanjiv Goenka, past president and chairman of CII and vice-chairman of RPG Enterprises, said, "I reacted positively to the budget. It has aimed to contain inflation through the indirect taxes and there was an emphasis on social and agricultural sectors apart from infrastructure. The government has touched the "area of skill challenges very well".

However, he added that the technology aspect needed to be better covered.

Goenka said as a whole, the Budget is a good blueprint for sound economic management, while issues in taxation remain to be addressed.