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| February 26, 2010 | Indian industry praises Mukherjee's General Budget | |
New Delhi: Captains of the Industry on Friday welcomed the General Budget for 2010-2011 tabled in Parliament by Union Finance Minister Pranab Mukherjee, saying it was a balanced approach and a good job on part of the Finance Ministry.
However,
they expressed disappointment over the increase in minimum alternate tax (MAT)
from 15 per cent to 18 per cent. Praising the concessions given to individuals
and corporate taxpayers, they said that Mukherjee had done a splendid job.
Federation
of Indian Chambers of Commerce and Industry (FICCI) President Harshpati
Singhania
said, "The Finance Minister has done a good in balancing job... He has been able
to contain the fiscal deficit at 6.9 per cent, which is very good." "However,
there is a big surprise and disappointment on MAT. Decrease in surcharge would
be eaten by increase in the MAT rate," added Singhania. Confederation of Indian
Industry (CII) President Venu Srinivasan said, "It is a very balanced and responsible
budget. The growth will continue with this Budget. The changes in Income Tax slabs
are a welcome step." Srinivasan also complimented Mukherjee for calibrated roll
back of stimulus measures, which is how the industry had wanted it. "The only
dark spot is increase in MAT," he claimed. Bharti Enterprises Vice Chairman Rajan
Mittal and President elect FICCI said, "We would have been much happier if the
MAT have not been increased. While reduction on surcharge is welcome, increase
in MAT is a disappointment." Mittal, however, said the Budget is growth oriented
and 'good part is that he has shown the road map for the implementation of GST
(Goods and Services Tax)'. Federation of Indian Export Organisations (FIEO)
President
A Sakthivel welcoming the extension of concessional export finance regime till
March 31, 2011 said, "Exclusion of textiles, leather, marine and gems and jewellery
will add to the woes of these sectors as some are still showing decline while
other exhibited growth on very low base." Sakthivel however, expressed
disappointment
on exclusion of some of the labour intensive sectors. Infosys Human Resource
Director
Mohandas Pai said hike in MAT will not impact large companies, though smaller
IT companies will be hit. "The country has lost thousands of jobs in IT industry.
So, it's disappointing for IT industry," Pai added. Meanwhile, Infosys CEO Kris
Gopalkrishanan said that the move would not impact the company. Kotak Mahindra
Bank Vice Chairman Uday Kotak said Mukherjee had played a balancing act of
trying to get all the concerned actors on board for the GST. "It will be credible if
the GST could be brought in by April 2011," added Kotak. |
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