New Delhi: The budget has failed to meet the expectations of India Inc. The abolition of the FBT was broadly welcomed but the hike in MAT and the extension of the STPI benefits by just one year disappointed many.
PC Kapoor of Bharati Shipyard
"I am disappointed with the budget. The shipping & shipbuilding industry generates a lot of revenues & employment. But it finds no mention of the sector in the budget."
Pawan Goenka, president of automotive business, M&M
"I am hugely disappointed by no change in excise differential for vehicles. I am also disappointed that excise surcharge of Rs 15,000 not rolled back."
Nitin Paranjpe, CEO, HUL
"The emphasis on rural market was expected and it is good and in the right direction. It will boost consumption and growth."
Dabur
"The abolition of FBT is a very good step for the industry. The steps towards rural development will be very positive for us. The GST implementation by April 2010 is another positive but clear roadmap still not available. Overall, Budget has nothing major for the sector."
Ajit Gulabchand, chairman, Hindustan Construction
"It is a stable budget. But we would have liked to see greater spending on infrastructure. The step taken on IIFCL front is important."
Mastek
The STPI extension by a year is not enough for mid-cap IT companies and the tax outgo will increase because of MAT hike. However, the increase in the MAT offset period is a good move. And the FBT abolition will benefit immensely.
Shivinder Singh of Fortis
"I am disappointed. It has been a very muted budget."
S Mahalingam, CFO of TCS
"We couldn't have expected much more with the fiscal deficit at 6.8 per cent."
Jawahar Goel,MD, Dish TV
"The FM must have been under compulsion to introduce customs duty on set-top-boxes. With 5% customs duty imposed on STBs, prices of STBs are bound to go up and this will be passed on to the customers."
Suresh Senapaty, CFO, Wipro
"I am delighted that a complex tax like FBT is abolished. The STPI extension by a year has fallen short of expectations."
Mohandas Pai of Infosys
"The FBT abolition is a huge relief for corporate sector and will help IT industry operations. The ESOPs will become attractive without FBT."