The Budget has failed to meet the expectations of India Inc. The abolition of the FBT was broadly welcomed but the hike in MAT and the extension of the STPI benefits by just one year disappointed many.
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"I am disappointed with the Budget. The shipping and shipbuilding industry generates a lot of revenues and employment. But it finds no mention of the sector in the Budget."
PC Kapoor, Managing Director of Bharati Shipyard |
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| "I am hugely disappointed by no change in excise differential for vehicles. I am also disappointed that excise surcharge of Rs 15,000 not rolled back." —
Pawan Goenka, President - Automotive Sector, M&M |
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"The emphasis on rural market was expected and it is good and in the right direction. It will boost consumption and growth."
— Nitin Paranjape CEO & MD of Hindustan Unilever (HUL) |
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"It is a stable budget. But we would have liked to see greater spending on infrastructure. The step taken on IIFCL front is important."
— Ajit Gulabchand, Chairman and MD of Hindustan Construction |
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"I am disappointed. It has been a very muted budget."
— Shivinder Singh, MD of Fortis Healthcare |
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| "We couldn't have expected much more with the fiscal deficit at 6.8 per cent." —
S Mahalingam, CFO of Tata Consultancy Services |
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"The FM must have been under compulsion to introduce customs duty on set-top-boxes. The prices of STBs are bound to go up and this will be passed on to the customers." — Jawahar Goel, MD of Dish TV
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"I am delighted that a complex tax like FBT is abolished. The STPI extension by a year has fallen short of expectations."
— Suresh Senapaty, CFO of Wipro
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"The FBT abolition is a huge relief for corporate sector and it will help IT industry operations. The ESOPs will become attractive without FBT."
— Mohandas Pai, Director of HR for Infosys |
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"Given the operating environment, this has been a pragmatic effort that touches rural and urban India through development schemes and personal taxation measures respectively and advances the agenda for inclusive growth through higher outlays on physical and soft infrastructure. To ensure efficient delivery on these programs,
however, there is a concurrent need to use country's expertise to integrate technology for effective implementation. For the IT industry, the extension of the tax exemption under STPI for one more year is a step in the right direction as is the abolition of FBT. The FM may have missed a trick by not unleashing a wide-ranging e-governance program to extract more economic efficiencies." — S Ramadorai, CEO & MD, TCS
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| "Thrust on infra and JNNURM will help the steel sector." — SK Roongta, CMD of SAIL |
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"Some provisions mentioned for the rural sector would stimulate demand. Increase in MAT would be negative for companies who have invested in backward areas. No incentive for housing is a negative as well. Consumption would be boosted, thanks to steps taken in Budget. However, I'm disappointed that nothing was done for affordable housing. Increase in excise and service tax is a very positive sign and the investment into rural schemes is a very good move.
— Adi Godrej, Chairman of Godrej Group
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"We will continue to lobby for entertainment tax to be subsumed in GST. Few days ago multiplex representatives held a meeting with the government on this issue and it was positively received, so we are hopeful." — Deepak Asher, Director
of INOX Leisure |
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