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India Inc gives thumbs down to budget

India Inc gave a thumbs down to budget saying it is non-event and more of a political statement.

Written by Agencies | New Delhi | Published: February 16, 2009 7:25 pm

India Inc on Monday gave a thumbs down to the interim budget 2009-10,proposed by Finance Minister Pranab Mukherjee,saying it is a non-event and more of a political statement.

“It was completely (a) non-event. It was (more a) political statement than (an) interim budget. There was nothing for any sector,forget about real estate,” Parsvnath Developers Chairman Pradeep Jain said.

Expressing similar sentiments,Kotak Mahindra Bank Managing Director Uday Kotak said,”Acting finance minister Pranab Mukherjee has stuck to what is good convention.”

TCS ED and CFO S Mahalingam said there were two stimulus packages given in the past couple of months and they were going to stay as they were. “I am disappointed,” he added.

Stating that the government did not have much of a choice,Hinduja Group CFO Prabal Banerjee said: “They did what they could best do.”

Navin Raheja,MD,Raheja Developers said that the budget has failed to meet the expectations at this time of global down turn.

“The Government has taken no initiatives towards reviving the sector which is under serious recession and employs a larger work force. The budget does not put any light on tax incentives under section 80IB for making smaller units which we expected would get further extension and interest benefits under income tax on home loans,” he added.

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