Advertisment

Mixed reaction from Indian Inc to Union Budget

author-image
CIOL Bureau
New Update



India Inc responds to the budget

Advertisment

While Prime Minister Manmohan Singh hailed the budget as excellent with its pro-investment and pro-agricultural measures, India Inc. is leaving no stone unturned in voicing their concerns.

The budget has concentrated more on agriculture, rural sectors and education, but experts feel that other sectors should have got their due too.

Speaking about the concentration on a few sectors, Ashank Desai, CMD of Mastek Limited said, "It is definitely not right as economy is determined by multiple sectors. So, obviously you can look at all the sectors. You can give priority to one or two which is fine but you should also look at other sectors and do something for them!

Advertisment

"Before the budget started, we expected a quantum jump in investments in the IT sector by the government in the domestic market. Second is regarding the infrastructure and education. And third was the STPI and other related things," Desai said.

With regards to the result, he said: "There is nothing much on tax and infrastructure, except the ones on education, which is good. As far as our expectations are concerned, it was much higher."

Asked to rate the budget on a scale of 1 to 10, Ashank replied: "On a scale of 10, I would rate the budget in 6 to 6.5."

Sunil Bharti Mittal, CMD of Bharti Group expressed disappointment as no changes were made in the corporate taxes.

"India requires more PPP (public private partnership)

model projects. In fact the country needs to embrace this model. Government is paying attention to the manufacturing sector. Customs duty has come down. This will ignite growth in the manufacturing sector," said Mittal.

tech-news