India Inc takes it easy as FM gets ready

The Budget eve has not been quite exciting. Reasons: Hardly any pre-Budget memoranda from industry associations and companies nor any wish l...

The Budget eve has not been quite exciting. Reasons: Hardly any pre-Budget memoranda from industry associations and companies nor any wish list. This is partly because of the mini-Budget primarily taking care of most of the expectations of the corporate world and partly because it8217;s a vote-on-account.

Some players are more than happy, especially exporters, whose wishes were more than fulfilled in the mini-Budget. Thanks to the election year, Customs duty reductions were more than expected across sectors. Yet, while some like Surinder Kapur, CMD, Sona group, expect further reduction in excise duties in automobiles some MNCs, which do not want to go on record, feel that this vote-on-account is primarily going to cheer direct tax-payers.

KK. Modi, chairman, Godfrey Phillips India, says, 8220;The general mood is upbeat but the Budget has a very small role. I feel with the Budget announcements, a status quo will be maintained, as it is not a full Budget. The government should make sure this is not a short-term dream. The best thing they can do is to make sure these announcements continue if they remain in power.8221;

Indian Association of Tour Operator IATO president Subhash Goyal adds, 8220;Lot of things have already been announced. We expect the government to start implementing what it has announced. It is surprising that the air charter policy has been announced some time ago but it is not yet notified.8221;

At Ficci headquarter in Delhi there is little excitement over the event vote-on-account. Only three members of Ficci will be available for expert comments. On a normal Budget day, a list containing names of over two dozen CEOs is given to mediapersons in advance. But this time, no prior intimation has been given to media. When contacted, Ficci officials said only three persons will be available for their comments, they are Ficci president Y. K. Modi, secretary general Amit Mitra and senior vice-president Onkar Kanwar.

The mood is a little better at CII, but not more than 10 CEOs will be around. The chamber will be screening the Budget speech at Taj Hotel in New Delhi. Only a handful of CEOs are expected to be present there. Due to paucity of time, only Delhi-based CEOs will be there. Apart from its current president, Anand Mahindra, secretary general Tarun Das, Hero group8217;s Sunil Kant Munjal, R. V. Kanoria Kanori Chemicals, Dr J. J. Irani Tata, Adesh V. Shah, Arun Bharat Ram SRF and Satish Kaura Samtel will comprise the panel.

Surinder Kapur, CMD, Sona group, said, 8220;with the mini-Budget already taking care of import duty reduction we are expecting excise duties to go down in the automobile sector. If the market expects the car prices to go down excise duties have to be reduced and that is what we are expecting in the Budget. Others, including some consultancies, feel that most of the sops that corporates were expecting have been announced in the mini-Budget and tomorrow would be a day for the income-tax payers. Concrete changes would be announced on direct taxes not on indirect ones.Vote
on account, polls on Jaswant mind