Hyderabad, Feb 28 (IANS): Pharma major Dr. Reddy's Laboratories has said that the union budget for 2015-16 has set the stage for growth in the medium to long term.

Satish Reddy, chairman of Dr. Reddy's, said the budget would serve well in setting the agenda for positive growth and ease of doing business.

"The budget is a clear one, with a focused growth trajectory for the next 3 to 4 years, broadly in line with the expectations of India Inc. The significant outlays on infrastructure of Rs.70,000 crore and power projects that will provide a much needed additional 4,000 MW, are steps in the right direction towards revitalising the investment climate in the economy," Reddy said in a statement.

Reddy is also of the opinion that the introduction of a bankruptcy law, on the lines of globally accepted norms, will go a long way to streamline business processes and loopholes, which is what India needs.

He, however, said the disappointing aspect was the grossly inadequate outlay of just Rs.150 crore for a fund that was announced to fuel innovation.

He feels that much more could have been done in this area, especially from a pharma industry perspective so as to really propel India's health care industry to a new level.