Opinion Divided Over Interim Budget '09
Pradeep Kar, chairman and MD of Microland Limited:
The interim budget failed to highlight any new initiatives to revive the slowing economy and merely highlighted past initiatives and achievements. It had no mention for IT sector and for that matter any other sectors. The absence of any key stimulus means the industry has to look forward to new government and full budget. The key positives from the budget are increase in focus for education and rural development which will benefit the IT sector in the long run.
Dasaradha Gude, MD of AMD India:
There was too much of expectations from the budget, every industry across the board was expecting something or the other. Higher education got the mush needed boost and our government has taken a decisive initiative in this direction. This move will definitely enhance India’s R&D capabilities. Overall the interim budget was disappointing.
Alok Ohrie, president of EMC India & SAARC:
This being an interim budget, much was not expected. We were however very hopeful that this would set foundation for bolder initiatives in the near future. On the other hand, we would like to commend the government for its generous budgetary allocations for projects like the National Knowledge Network and Bharat Nirman.
Vipul Jain, CEO & MD of Kale Consultants:
We need to make ESOP’s a more attractive and flexible retention strategy for the management. The domestic IT market has a huge potential and it is a high time the industry should be made more attractive for both investments as well as enterprise spending. More incentives should be made available to end customers in the form of depreciation for encouraging IT spending. The income tax concessions should also be on par with software exports.
Furthermore, in order to stimulate the economy, bring real reform and transparency in governance (octroi, customs, community platforms, public distribution etc, government should increase IT adoption rapidly. Efficient and innovative use of IT in India can not only spur the technology industry but make the country more efficient and reduce waste in public expenditure.
Ramakrishna Voraganti, MD of Barracuda Networks:
The IT industry needs to go rural. That is where the focus of the infrastructure boost would be. Also, the public sector turnover has risen 84%. That is where the money would come from and that would be driving the growth in the next few months. IT should shore up its public sector participation.
Nagaraja Prakasam, MD of CDC Software (India):
It is a disappointment to see nothing for the IT industry in the budget. Also, adding a few smart sops, like increasing tax exemption caps on home loans, would’ve been a good stimulus since it would have helped increased home buying and helped put more money in the wallets of existing home owners. However at this juncture, I would echo the same comments of NASSCOMM president and would also like to see investor-friendly transfer pricing norms for captives to make India more attractive for business.
(To read more news, expectations, and reactions from the IT industry on the interim budget’09, please visit our special section)
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