CII lauds Union Budget

Facilitation of mergers and acquisitions, fillip to the capital markets and introduction of gold deposit bonds would especially help save foreign exchange for a country that spent US 6 billion on importing gold this year. Rationalisaion of excise slabs from 11 to 3, boost to the Housing sector and further incentives to the IT industry by reducing the import duty rates on CD roms, optical fiber etc, were positive measures. While telecom services have been recognised as a core infrastructure activity, the budget had not provided for any real support. The telecom manufacturing sector had however seen reduction in both excise and custom duties, Mittal added.