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Who called FM names, who praised him

India Inc gives thumbs up to Budget

February 29, 2008
The Indian industry and investment bankers gave a thumbs up to the Union Budget, saying Finance Minister P Chidambaram has done a "fantastic" job.

"Budget is on the expected lines and the industry has not been penalised although we are disappointed that the corporate tax has not been changed," apex industry body CII's president Sunil Mittal said.

"Corporate taxes are at fair levels. An increase of five per cent on short-term capital gains will make people hold for medium term," Kotak Mahindra Bank managing director Uday Kotak said.

Industrialist Sajjan Jindal, vice-chairman and MD of JSW Steel said: "This is a mixed budget and the FM has not touched upon the corporate tax, which we were anticipating.

Although there is a little disappointment on not meeting the concerns on iron ore conservation and the taxes imposed on chrome ore export are also a long-pending demand of ours, which is a welcome step, he added.

"It (hike in customs duty on chrome ore exports by Rs 1,000 crore) is definitely a welcome move. We hope that this increase in duty should dissuade the exports from shipping the mineral overseas. Besides abolishing duty on scrap melting steel will also help us considerably," Indian Stainless Steel Development Association (ISSDA) president N C Mathur told PTI.

Ranbaxy Laboratories chairman and managing director Malvinder Mohan Singh said: "It is an extremely positive Budget and we are delighted at the excise duty cut." The proposals in the Budget are helpful in setting up health infrastructure, he added.

Hero Honda Motors managing director Pawan Munjal said the excise cut on two and three-wheelers to 12 per cent from 16 per cent was a welcome move.

"This is only half of what we have asked. Nevertheless, we are happy with that. We will study the impact of this cut to pass on the benefit to the customers," he said.

Hyundai Motor India Ltd senior vice-president sales and marketing Arvind Saxena told PTI: "We are happy with the proposal, but he (FM) could have taken a few more steps for the bigger cars and exports." He said the company would, however, pass on the excise duty cut benefit to the customers.

Photo: Sunil Bharti Mittal, Chairman and group CEO of Bharti Enterprises.
Photograph : Fabrice Coffrini/AFP/Getty Images
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Tax: How the Budget affects you!

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