Budget just a counting exercise?

BANGALORE: M Chandrasekhar, former chairman, Confederation of Indian Industries, reacting to budget said, “It is a status quo Budget, even though there were announcements about the government’s intentions to reform Fiscal, Agriculture, Aviation and other industries.” “They have tried to do good to the infrastructure sector by raising tax-free bonds from Rs 30,000 crore to Rs 50,000 crore. But, this will ensure that there will be no direct spending from exchequer in the infrastructure sector. Their interest in PPP models is a welcome move,” he noted. H S Bhaskar, executive director, Gokak Textiles Limited, said,  “It is just a counting exercise. They have tried to present some numbers. Base funding has to come from savings. If they had given more tax relief, people could afford to buy houses.”Vinayak Chatterjee, chairman, Feedback Infrastructure Services Private Limited, said, “This Budget has large emphasis on infrastructure sector. It is a series of good interventions, but no breakthrough ideas have been implemented to kick start investment cycle and investor confidence in the infrastructure sector. There were key interventions, but lack of broad-brush reforms and institutional strengthening is disappointing. The market was expecting a raise in tax breaks for retail investments in infra bonds, but it did not happen. In the power sector, budget pronouncements on protection to domestic producers of power equipment did not find space. Sustainable intervention like Infra Fast Tracking Board have got the go-by signal.”