Nandan Nilekani
Co-Chairman of the Board of Directors, Infosys
I think this was in some sense more of a report card on the performance of the government in the last five years than any specific new proposal. So I think anything that has a new dimension will come after the new government comes in. I personally expected that there would not be anything major but a reiteration of the achievements of the last five years.
Uday Kotak
Vice-Chairman, Kotak Mahindra Bank
There won't be any policy response to a fast deteriorating global economic situation and one would have to live with it now. All attention will shift to politics and the markets will start reacting to that. I don't expect much good news from the world. It is an opportunity to have done something, it’s gone.
Samir Arora
Fund manager, Helios Capital
The system does not give power to the government to do too much in the Interim Budget. The statement on tax cuts is more of an election manifesto.
Jahangir Aziz
Chief Economist, J P Morgan
My concern will be about the second half and if, till that time, there is a lot of government borrowing, there will be trouble.
C M Vasudev
former economic affairs secretary
I think we are looking at a combined fiscal deficit of the Centre and the states of 12 to 13 per cent, which is pretty scary. And what it is going to do to the interest rates, the exchange rates, to the financing of the current account deficit, I think are very difficult problems and it is going to make the task of the monetary policy authorities, like the RBI, very tough.
N Krishnakumar
CEO, Mindtree
The government should ensure the recession is met. We need to act now. The government can use this period to significantly boost investment in e-governance projects. It will overall impact the domestic IT industry, and also give an opportunity for the smaller and mid-size firms to bring in their skills and competencies.
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Mohandas Pai
Member of the Board and Director-HR, Infosys
There is going to be one more year of uncertainty and investments will be stalled. Till the new government is formed, investments will be on hold.
Gurudas Dasgupta
MP, CPI
It is the finance minister’s lollipop. 1.2 million workers have lost their jobs in the last few months. The basic human problems arising out of contraction of job opportunities have not been reflected... It is a Budget more to cover up than to uncover... It is more of a Sonia Budget than a Budget of Pranab Mukherjee.
Arvind Thakur
CEO, NIIT Technologies
We are not disappointed. We have another year to wait for STPI extension. If pressures continue, we would like to see some support from the government.
Arun Nanda
Executive Director, Mahindra & Mahindra
The real estate stocks were beaten down disproportionately and soon they have to find a realistic level. I think it was beaten down too much and it has to come back.
Omkar Goswami
Founder and Chairman, CERG Advisory
We are going to end up with a gross fiscal deficit. It is like a diabetic with a hand in the cookie jar. We need to keep the jar away.
Ashok Wadhwa
CEO, Ambit Corporate Finance
It is what an Interim Budget should be. An Interim Budget is not supposed to be anything other than an interim measure, and that's what he's done. I think in the current environment there were high expectations and obviously some of those expectations have not been satisfied.
Anuj Puri
Chairman & Country Head, Jones Lang LaSalle Meghraj
We are aware that, by definition, an Interim Budget will have its limitations. We had, nevertheless, hoped that it would factor in the overall languid state of the real estate sector and provide measures that will assist in energising it.
This has clearly not happened, and the next level of hope lies in the coming government introducing proactive addenda to the Budget, since it is difficult to sidestep the issues of this important sector. In the final analysis, Indian real estate plays a cornerstone role in the country's overall economy.
Ashwini Kumar
Minister of State for Industry
He has really focused on infrastructure where he has said that massive investments in the public domain through the PPP mode will be required but he has left it to the next government to infuse that kind of investment knowing very well that the ability to include more money would be dependent upon the revenue policy at that time. Now please give Pranab Mukherjee the benefit of the doubt.
Malvinder Singh
Chairman, MD and CEO, Ranbaxy
He’s really looking at taking the service tax rate to below 12 per cent levels for those companies who have a focus and are operating in excise-free zones.