India Inc. Reacts to Budget 2009
Even as the stock market fell sharply following the announcement of Budget 2009, India Inc. is focusing on the positives
Pranav Ansal, VC & MD of Ansal API
With regard to industry, we welcome the move on exemption of goods made at construction sites. This move will promote ingenuity and enhance the creative value of people and organizations. The real estate industry as a whole has been requesting for a while now that fringe benefit tax be scrapped and the finance minister has respected the wishes of the real estate industry as a whole and for that we are grateful.
The hike in infrastructure spending will be a huge boost for the real estate industry as the two are directly related for the most part. Any increase in the spending on infrastructure results in an increase in value of real estate development. This also bodes well for the future as with increased and improved infrastructure, the potential of India as being a significant destination for investment improves significantly.
Madhavan Menon MD of Thomas Cook India
Overall, the union budget 2009 seems focused on continuity rather than any major breakthrough decisions. In the current scenario it is justified given the current global economic environment and political compulsions. Although the absence of any reference to the tourism industry, which has been badly hit by the economic slowdown, is pretty disappointing contrary to the sectors expectations."
P K Ranade, joint MD of Indo Asian Fusegear Limited (IAFL)
The Union Budget 2009-2010 ensures continuity of policy and resolve to fight the global slowdown. Impetus to help the rural and farm sector will generate demand for the manufacturing sector and will lead us back to 9% growth target. The budget, which is a spending budget, will help the country to re-energies and swiftly move back to the growth trajectory. We welcome the abolition of the Fringe Benefit Tax (FBT) and the roadmap laid for the implementation of the Goods and Sales Tax (GST) by 2010.
We welcome the government extension of the scope of provisions relating to weighted deduction of 150% on expenditure incurred on in-house R & D to manufacturers like us. This will help our efforts to provide energy efficient solutions and innovate and improvise upon them. Though the CFL manufacturers have been asking for a further cut in the central excise duty from 4% but by maintaining status quo while raising Central Excise Duty to 8% on items other than CFLs the Government has shown its intent to promote the energy efficient CFL lamps.
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