Industry officials on the budget
CHANDA KOCHHAR, MD AND CEO, ICICI BANK
KALPANA MORPARIA, CEO, J.P. MORGAN (on NDTV Profit)
K V KAMATH, CHAIRMAN, ICICI BANK (ON CNBC TV18)
R.K. DALMIA, SENIOR PRESIDENT, CENTURY TEXTILES & INDUSTRIES
RAJESH MEHTA, CHAIRMAN AND MANAGING DIRECTOR, RAJESH EXPORTS S K GOEL, CHAIRMAN AND MANAGING DIRECTOR, UCO BANK
"The two positives are targeting a growth rate of 9 percent, that itself is a very bold and positive move, there is still a lot of focus on everything that would stimulate domestic consumption...which is going to lead us to a higher growth rate. In term of negatives, one could have expected a further clarity on the whole disinvestment process and how much money is going to be raised and so on... there is an indication that there is large money expected out of disinvestment, clarity has not come in yet, but we should expect clarity overtime."
"These are extraordinary times, lot of countries in developed world are running large deficits because they got to kickstart the economy. So I think we should not be too excessively obsessed about just now at 6.8 percent."
"I would think that one would have expected it in the budget but they have their own challenges because given the short time they had, to actually to work out an agenda for divestments. I think he dropped the hint very clearly, the market has come back with the message that the hint is not enough. I think the more important path in the budget is holding taxes. Clearly the government is under pressure to reduce the deficit but they are not doing that....I think it puts a lot of money into the lay spender which is certainly good for the economy.. This is a budget that will take 2, 3 days for the larger markets, not just the capital markets, to understand and then probably react to it."
"There were some positive measures announced for the industry, but the government has also not touched upon many of our demands. The industry had asked for an increase in interest subvention to 4 percent. That did not happen. We also do not know how much the government has allocated under TUFS (Technology upgradation fund scheme), as it was not mentioned in the speech."
"Branded jewellery has been exempted but he has increased the duty on gold. So I think overall, for the jewellery sector as such, I don't think this is a good budget, it is more negative than positive. The duty on gold will affect the industry as a whole as gold prices in India will go up... the industry was looking for abolishing of the duty
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"Overall the budget has been very good as it has addressed the sectors such as agriculture and small and medium business. There might not be any big announcements for the corporate sector, but it would give relief to the sectors which were under stress like export."
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