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Indian CIOs rate Budget as average

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CIOL Bureau
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NEW DELHI, INDIA: India’s finance minister Pranab Mukherjee presented his seventh Union Budget for the current fiscal in Parliament today. With a series of initiatives, the government eyes at 7.6 per cent growth in 2012-13.

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CIOL spoke to few IT leaders to get first-hand reaction to the Budget. Here's what they say:

A Balaji, CIO of ONGC Videsh feels that the removal of LCD and LED customs duty is a good step. “The firms which are eying at bulk purchase will be benefitted by this move,” he said. The additional 2 per cent service tax, Balaji bewlieves would have negligible impact.

Reliance Power Transmission CIO Prasenjit Mukherjee feels that prime focus of the current budget is to infuse more money from foreign investment and not directed towards aam admi. “The budget focuses more on corporate sector, while service tax hike will affect utility bills,” he added. On a scale of 10, Mukherjee gives 7 points, though.

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U C Dubey, CIO, Iffco Tokio General Insurance believes that there is no significant changes in the current fiscal’s Union Budget. “It seems similar to the budget presented last year. No major reforms are there though some incentives for infrastructure have been taken care of,” Dubey said.

CIO Prakash Pradhan of Jagsonpal Pharmaceuticals believes that Pranab Mukherjee presented a moderate budget. “FM tries to give a general impression of reform. No sector has been addressed property, although nothing remarkable was expected in prevalent economic conditions,” Pradhan said.

Luminous Power Technologies CIO Virendra Kumar Bansal feels that the budget tabled in Parliament today has nothing for common man. “Additional service tax and exercise duty will eventually affect people,” he said. Industries and corporate segment, Bansal said, has been given focus.

Ajay Srivastava CIO of Spice Group believes that the Union Budget 2012-13 does not contain anything extraordinary. “Tax exemption is Rs 2 lakh, which was however expected to be little higher,” opined Srivastava.

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