Sudhir Mehta, chairman, Torrent Group.
This Union Budget is one of the most promising budget for the Indian economy as it intends to provide impetus to trade, industry, stocks and capital market and touches the overall populace. The reduction in corporate tax, personal tax, duty structure would benefit both corporate houses as well as individuals, which is a welcome aspect of the Budget. The proposed deduction of Rs 10 on cash withdrawals of Rs 10,000 however should have been for Rs 50,000 for benefiting lower and middle class.Parimal Nathwani, president, The Organisation of Business, Commerce and Industries (TOBCI)/ chief of corporate affairs, Reliance Industries.
The proposal to augment the R&D corpus fund of Rs 150 crore is welcome, but the extension needs to be on a larger scale. The overall peak duty rate reduction from 20 per cent to 15 per cent will help the industry, but we have for long been demanding that Indian R&D should be at par with universities and national organisations for exemption of chemicals used in research and development. I hope that before accepting the Finance Bill, the FM will consider this proposal.I A Modi, chairman, Cadila Pharmaceuticals
The Budget is growth oriented, unless the Reserve Bank of India decides to go the other way round. Some of the initiatives in the policy changes are good, such as child development programmes, mid-day meals and the likes. For Gujarat, the Budget will ensure growth. Restructuring of right kind of subsidy was the right move.Sebastian Morris, faculty (economics) at IIM-A
The 2005-06 Budget is a balanced and growth oriented. The thrust on infrastructure is a welcome step and the reduction in corporate tax, customs duties is a good step for industry. The reduction of duties on petroleum products will help the government in keeping a check on inflation. The Budget will have a positive impact on the capital markets and improve the investment climate.S K Singh, managing director, State Bank of Saurashtra, Bhavnagar
As far as GACL is concerned, the Budget was good, the duties are coming down as far as fertilisers and chemicals industry are concerned and we are happy. Our efficiency is at peak and we are ready to compete with the world at large and this Budget stands helpful in the process.P K Taneja, managing director, Gujarat Alkalies and Chemicals Ltd
The Budget will have a positive impact on the economy and would keep the momentum of growth continued. We welcome the initiative taken by the finance minister on the textile and pharmaceutical sectors, which constitutes substantial part of the manufacturing sector in Gujarat. By reducing the Custom tariff on capital goods from 20 per cent to 10 per cent would help in the procurement of latest equipment and machinery for the textile industry. The focus given to urban development by allocating Rs 5,000 crore to the National Urban Renewal Fund would be an advantage for the state.Amit Goradia, chairman, Federation of Indian Chambers of Commerce and Industry
The Budget has focussed equally on the agriculture and manufacturing sectors, even while stating an honest desire to implement fiscal and banking reforms. The proposals on income tax are also welcome, and these will provide relief to people across all sectors. The reduction in customs duty on textiles from 20 to 10 per cent is a welcome sign. The reduction in duty on machinery is also a step in the right direction. Overall, this is a good budget.Dinesh Mandalaywala, president, Southern Gujarat Chamber of Commerce & Industry