Is the Budget up to your expectations?
The Budget is prudent and, addresses fiscal priorities of the government of reducing the deficit.
Do you think it will revive growth and investment and attract FDI?
Adhering to the fiscal consolidation path is a big positive and will enhance the confidence of investors and will attract FDI. The large investment in infrastructure, agriculture and social sector will help revive growth.
As one of richest man in India, do you feel that the 15 per cent surcharge on those earning over Rs 1 crore is excessive?
Tax to GDP ratio in India is one of the lowest in the world at 16.6 per cent as compared to 34 per cent in OECD countries.
Will the new tax regime help to put corporate India back on its feet?
According to the Economic Survey, the country is facing twin balance sheet challenges: One on account of rising NPAs with banks and, two, deterioration of corporate earnings due to stalled projects.
With recapitalisation of banks proposed in the Budget, reviving the stalled projects, implementation of the bankruptcy code to make assets productive and massive investments in infrastructure and social sector should put corporates back on their feet.
Will the government’s focus on rural infrastructure development, increasing expenditure on the NREGA help revive demand, generate jobs?
It will generate bottom up demand, increase rural consumption and, therefore, create more jobs.
Where has the Budget fallen short?
In spite of huge NRI contribution to the country’s economy — remittances of above $70 billion which is highest in the world — the pre-budget representation they made to the government to consider their investments in industry and business on par with resident investments has not been given any consideration. The move to tax dividend above Rs 10 lakh would be a disincentive to promoters/investors.
