Budget 2009 Reactions - Part II
Rajeev Gupta, president of Fujitsu Consulting India Limited (FCIL):
"Keeping in view the downturn in the economy, the finance minister’s proposal to extend the tax holiday by another year has brought in a big relief to the IT and the exports sector. However the increase in MAT to 15% will impact the current cash outflow of the industries who are already burdened with the recessionary impact. While abolishment of the FBT is a welcome note for the corporate, it would be interesting to wait and watch how the finance ministry comes out with the tax implications on the perquisites in the hands of the employees."
Ramesh Lognathan, MD and VP (products) of Progress Software India:
"The growth targets are very encouraging. I am sure it is partly informed optimism and partly as a desired goal towards which the budget has been arrived at. Infrastructure spending is a good sign. I am sure some of this will also help boost software industry, through the various IT initiatives likely (by themselves, or to support other infrastructure programs).
Removing FBT is surely a good thing. This was an issue for the software industry where there were a lot of genuine business expenses that was also seen as a fringe benefit. The ambiguity now stands removed.
I would have liked to see some incentives or support to the software sector- particularly SMEs. Specifically either forward looking IP and software products related or at least incentives to encourage the industry to also look inward (domestic markets). This was missing in the overall balanced budget."
for Infrastructure Development…
So Good For ICT Industry
2009: Positives - and Misses
Inc. Reacts to Budget 2009
CTT Abolished, but MAT is Up
Project Gets Rs. 120 Crore
Budget: Moon B Shin
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