Describing India's budgetary proposals for 2012-13 as "very good", leading NRI industrialist Lord Swraj Paul today said the country faces too many problems that needed to be addressed now.
Reacting to the Budget, Lord Paul, the Caparo Group Chairman, said: "The budget has taken the reality of India's situation. There are too many problems that exist which need to be dealt with to make the economy better.
"I hope the government gets the grip on the problem and start paying attention to it. India has a great future if we can get our house in order."
He lauded Finance Minister Pranab Mukherjee for presenting a "good budget".
"It is a very good budget. Congratulations to the Finance Minister," Lord Paul said.
Mukherjee in the Budget presented yesterday hiked excise duty and service tax by 2 per cent across-the-board to raise Rs 45,940 crore and offered marginal relief to individuals in income tax.
Among other things, the budget aims at reducing fiscal deficit to 5.1 per cent during 2012-13 as against the revised 5.9 per cent of the GDP for this year.