news details |
|
|
| How well did the FM perform? | | The ANN jury’s verdict | |  How well did the finance minister perform? The answer, it seems, depends on who you ask. The DNA jury, which included top-notch businessmen, investment bankers, public sector stalwarts, and hard-boiled economists, offered opinions ranging from poor to excellent. While the economists were, not unexpectedly, unimpressed by Chidambaram’s exertions, businessmen were more charitable, as the budget did not rock anybody’s boat. The net result: the jury returned a split verdict, in a range from 1.4 to 4.4. The rating was done on a scale of 1-5, with five being the highest.
Kumar Birla, Chairman, Birla Group: It is indeed a compassionate budget as it furthers the human dimension of development, with a clear thrust in the rural areas. Two- thirds of India's people live in rural areas. If these people are uplifted, the nation will ascend to a much higher plane.
Kiran Shaw, CMD, Biocon Ltd: The budget focused on 10% GDP growth. Increased allocation in planned expenditure for education, health, etc, will generate employment and sustained growth. It fails to take steps like lower duties and give incentives for research to make India a laboratory of the world.
N Kampani, Chairman, JM Morgan: The proposal to increase FII investment in government securities will make the market more active. Removal of exemption under Section 10(23G) of the IT Act and long-term capital gains arising out of securities for calculating book profits for MAT are bad.
Satish Reddy, MD, COO, Dr Reddy’s: Overall, it is a good budget. But we find very little for the pharma industry. Reduction in peak custom duties is a positive sign for all. No tinkering of tax rates is again good. On the special funds for R&D, the budget has been disappointingly silent.
Subir Raha, CMD, ONGC: It's an exciting budget because of its focus on development. Extension of tax exemptions for SEZs and ultra mega power plants are good steps. Correction to the subsidy regime is a disappointment. So is the absence of decision on the Rangarajan committee report on petroleum pricing.
Bibek Debroy, Secy Gen, PHDCCI: It’s a bad budget with nothing on reforms. Reduction in peak import duty and standardisation of Cenvat are good. I also give half a mark for moving towards a common GST regime. The budget does not do anything for improving the efficiency of government expenditure.
Sunil Mittal, CEO, Bharti Enterprise: Overall, a balanced budget. The roll-out of several education and rural development initiatives are good steps. All of us in the telecom industry were expecting a reduction in the tax burden on the consumer by way of reduced licence fee, but it didn’t happen.
Adi Godrej, Chairman, Godrej: Chidambaram has presented a growth-oriented budget. Reduction in peak customs duty and excise duty on processed foods are positives. The only two negatives were the MAT rate increases and non-removal of sales promotion expenses from the FBT purview.
V Bhansali, Chairman, Enam: The FM has done well to follow fiscal rectitude. But the budget has passed the recommendations of the Lahiri and Rangarajan committees. On the whole, the FM's confidence seems to be at Sensex 10000! Will the buoyancy continue in the equity markets?
Surjit Bhalla, Principal, Oxus: The budget is a mature one. Whatever is there in the budget is very sensible and indicates positive reforms and reducing fiscal deficit. There is no new tax except for the minimum alternate tax, and it would not harm the software industry to pay more taxes.
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
|
|
|
 |
|
|
