There were huge expectation from the Union Budget and a lot of hype surrounding it as well. The budget expectations were very much justified in the sense that the country was looking forward to economic policies which could consolidate upon the signs of recovery that India is currently witnessing post a terrible phase of global recession. The Budget has invoked mixed reactions from Corporate India, the citizen and politicans. There are some including the Prime Minister who have hailed the efforts of Sh. Pranab Mukherjee the Finance Minister by terming it as a good budget considering the figures of fiscal deficit at 6.8 percent. On the other hand, most industry experts and famous personalities from India have deemed it as a lacklustre budget and an opportunity lost when the economic reforms could've been given a thrust towards the road to development.
Presented below are some of the noteworthy reactions from famous personalities of India:
Som Mittal, President, NASSCOM said
"The decision to extend fiscal benefits available to the industry under section 10A/10B for one year will help the industry mitigate the impact of the current economic environment and help India retain its competitiveness."
Chanda Kochar, Chief Executive, ICICI Bank said
"The growth target of 9 percent set by the budget is clearly a positive signal, especially given the backdrop of weak macroeconomic conditions globally."
Suresh Senapaty, CFO, Wipro said
"I am delighted that a complex tax like FBT is abolished. The STPI extension by a year has fallen short of expectations."
Mohandas Pai from Infosys said
"The FBT abolition is a huge relief for corporate sector and will help IT industry operations. The ESOPs will become attractive without FBT."
HDFC Chairman Deepak Parekh said
"I think I am overall very happy with the Budget ..."
ICICI bank Chairman KV Kamath said
the Finance Minister has held tax rates and made it into a neutral Budget in terms of taxes.
Bombay Stock Exchange Chairman Jagdip Capoor said
"Lack of announcements on divestment, fuel, FDI and 3G policies and no reduction in corporate tax had disappointed the markets"
Shivinder Singh of Fortis said
"I am disappointed. It has been a very muted budget."
S Mahalingam, CFO of TCS said
"We couldn't have expected much more with the fiscal deficit at 6.8 per cent."
Dr. Pawan Goenka, COO (Automotive sector, Mahindra and Mahindra) said
"I am hugely disappointed by no change in excise differential for vehicles. I am also disappointed that excise surcharge of Rs 15,000 not rolled back."
Nitin Paranjpe, CEO, Hindustan Unilever Limited said
"The abolition of FBT is a very good step for the industry. The steps towards rural development will be very positive for us. The GST implementation by April 2010 is another positive but clear roadmap still not available. Overall, Budget has nothing major for the sector."